Nottingham Building Society has reported a strong financial performance for the year ended December 31st, 2022, with gross mortgage lending up by 18%.
The mutual’s pre-tax profit reached £18.9m, up by £3.8m from the previous year, while its underlying pre-tax profit stood at £15.2m. The mutual’s total assets were reported at £3.8bn.
The Society’s net interest margin was also up by 0.45%, from 1.24% to 1.69%.
Nottingham Building Society CEO Sue Hayes (pictured) said that the Society’s strong performance was achieved despite increased provisions for expected future credit losses driven by the rising cost of living, inflationary challenges, and the risk of credit deteriorating in a recessionary environment.
She added that the Society has made it a priority to support its members through these difficult times by paying savers the best rates while strengthening the Society.
Hayes concluded: “I am proud of the results we are sharing today and would like to thank our members, and each one of our dedicated colleagues, for their continued trust in the Society.
“We look ahead to the coming years with a renewed sense of focus, guided by a clear and impactful purpose, with mutuality as our bedrock.”
The Society also completed a strategic review in 2022 and is developing a new strategy to address the challenges some aspiring homeowners face due to their chosen careers or lifestyles.
