Newcastle Building Society has published its results for 2023, recording an operating profit, before impairments and provisions, of £31.4m.
Group profit before tax was estimated at £29.1m, while underlying operating profit was recorded at £32.8m.
In addition, gross mortgage lending for 2023 was estimated to be £1.1bn, consistent with record levels in 2022, and net core residential lending sat at £575m.
The lender reported saving Standard Variable Rate (SVR) borrowers over £2.3m in interest payments compared to the market average.
In addition, the society provided more than £500,000 in estimated financial benefit for Members and colleagues through the Helping Hand service, delivered with Citizens Advice Gateshead.
The lender also contributed of more than £350,000 to local communities, including a donation of more than £200,000 to the Newcastle Building Society Community Fund at the Community Foundation Tyne & Wear and Northumberland.
Andrew Haigh, Newcastle Building Society chief executive officer, said: “I’m proud that, as a society, we have remained true to our purpose of ‘connecting our communities with a better financial future’ while delivering another set of strong results in 2023.
“We have continued to focus on the strategic ambitions underpinning our Purpose of achieving growth, investing in the group’s infrastructure for the long term and of course, delivering value for our members.
“The volatile market conditions throughout 2023 will have impacted all our members but borrowers, and especially those remortgaging from historically low fixed rates to the higher rates that prevailed during the year, faced higher repayments, adding to the squeeze on their household finances.”
He added: “My hope is that members recognise the value that comes with being part of our mutual organisation; the additional support we’ve provided to those worried about their mortgage repayments, consistently offering savings rates above the market average and making a positive difference in our communities across key areas of focus, including our commitment to branches, increasing access to face-to-face financial services and fostering employability within the region.”
