Newcastle Building Society has published strong financial results for 2024, highlighting its commitment to members and communities.
Gross mortgage lending hit a record £1.2bn for 2024, and the society also raised £60m in capital to support growth.
Despite a drop in profit before taxation to £15.7m from £29.1m, operating profit before impairments rose 9% to £34.2m.
The society’s savings rates were 0.56% above the market average, resulting in £28.1m more interest for members.
Their standard variable mortgage rate of 6.94% saved borrowers about £2.8m compared to the market average.
Andrew Haigh (pictured), CEO at Newcastle Building Society, said: “We’re pleased to report another strong performance for Newcastle Building Society and the wider Group, as we continue to maintain our focus on delivery of our Purpose ‘connecting our communities with a better financial future’.
“Delivering that Purpose for the long term is about more than being just another provider of savings, mortgages and financial advice.
“It requires a deep understanding of the communities we serve, careful allocation of resources, and an ongoing commitment to innovation, investment and growth across the Group.”
Haigh added: “Throughout 2024 we demonstrated continued commitment to our regions and communities.
“At the heart of that commitment is the provision of competitive saving and lending products, alongside financial advice in every one of our branches.
“Advice that is not solely a service for the wealthy, but available to every customer.
“Ensuring the accessibility of our financial services is a critical way we can make a difference to the financial futures of our communities.”
The society also invested further in its branch network, focusing on face-to-face financial services.
He said: “We see a future for branches and the role they can play within a community as part of our long-term thinking.
“Since 2015 we’ve invested around £10m in new branch locations and the refurbishment of existing facilities.”
Additionally, 2024 saw the opening of a 32nd branch in Pickering and a relocation of facilities in North Shields and Hartlepool.
A £1.1m donation was made to the Newcastle Building Society Community Fund, enhancing charitable funding.
More than 10,000 hours of colleague volunteering were logged, supporting various community initiatives.
He added: “2024 was a successful year in the value we created for Members, and in our financial results.
“I’m particularly proud that we continue to achieve outstanding customer satisfaction at 96 per cent.
“We laid the foundations for a bright new future for the Manchester Building Society brand and continued our commitment to community and high streets across our regions.
“With these results, I believe we are well positioned to deliver even more, to create additional value for our Members and greater positive impact in our communities.”
