West Brom Building Society posts strong annual results supporting over 5,500 FTBs
Over 5,500 first-time buyers (FTBs) took their first step into homeownership, with 72% of homebuyer mortgages supporting FTBs.
West Brom Building Society delivered strong annual results, completing over £1bn in new homeownership lending.
Over 5,500 first-time buyers (FTBs) took their first step into homeownership, with 72% of homebuyer mortgages supporting FTBs.
Overall, 85% of new mortgages were for homebuyers.
The society continued to offer lower rates for standard variable rate borrowers with more equity at the end of their mortgage deal, helping customers save around £1,200 a year compared to the average market rate.
More than 21,000 new savers joined during the year, up 54% from the previous year.
Total savings balances increased by 10% to £5.6bn.
Savers benefited from rates averaging 28% above the market, adding £37.4m to members’ returns compared to typical savings.
Pre-tax profits reached £33.6m, maintaining a strong Common Equity Tier 1 capital ratio, which increased to 17.2%.
Jonathan Westhoff, CEO at West Brom Building Society, said: “In what’s been a challenging market, our Society’s strong performance reflects our clear focus on doing the right thing for our members.
“Maintaining over £1 billion in new lending while increasing our support for first-time buyers shows we’re delivering where it matters most, helping more people buy their first home.
“At the same time, we’ve made sure our savers continue to see real value, with rates consistently above the market average and millions more returned to our members. That balance is at the heart of what it means to be a mutual.”
Westhoff added: “Alongside our financial performance, we’ve continued to invest in our communities, opening five branch community rooms across our heartlands, hosting local community groups such as Talkin’ Tables and other wellbeing initiatives, such as scam and fraud awareness, and power of attorney sessions.
“Through fundraising, grants and donations, we’ve provided nearly £50,000 to support charities and community groups, while colleagues volunteered nearly 1,900 hours to local projects and delivered financial education sessions to over 2,100 children and young adults in our heartlands.
“And, we continued our partnership with Birmingham based charity Jericho, helping to support employment opportunities for those who may struggle to enter the workplace.”
He said: “We’re proud of the progress we’ve made, but we’re not standing still.
“We’re continuing to invest in our communities, our people and our digital transformation, so that we can offer even greater choice, flexibility and support for our members now and into the future.”
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