West Bromwich Building Society has recorded over £945m in new lending applications, according to its half-year results for the six months to 30th September 2023.
The society reported completions of £458m, up 66% year-on-year.
In addition, net lending for owner-occupiers grew to £161.8m, contributing to a growth in its mortgage book.
Lending for first-time buyers represented 62% of lending for home purchases during the period, with 1,398 first-time buyers receiving support from the society.
The West Brom’s statutory profit before tax came in at around £13.6m, excluding the cost of the buyback of Tier 2 subordinated debt (£5.1m), and profit before tax ended the period at £18.7m.
This was driven by strong net interest income which outweighed the impact of lower fair value gains and a reduction in the value of investment properties.
The society also received consistently strong feedback, with customer satisfaction and a Net Promoter Score (NPS) unchanged at 95% and +74 respectively.
Jonathan Westhoff, chief executive officer at The West Brom, said: “We’re pleased to report another strong performance, despite the wider economic challenges that have persisted over the last six months.
“Stubbornly high inflation and volatility surrounding interest rates have created pressures within the market, throughout which we are proud to have supported our borrowers, whilst also ensuring our saving members receive excellent value.
“Rather than slowing down throughout this period of instability, we have increased our activity, invested further in our people and supported even more people on their route into home ownership.
“Indeed, September saw us record our biggest ever month of mortgage applications and, for our savers, over the six month period we have maintained rates one and a half times the market average, rewarding them with an additional £39.1m of interest.”
He added: “At the core of our business is our desire to help first-time buyers into their own home (and remain there), and we’re pleased to have supported 1,398 people purchase their own home this half year.
“For our existing members, we continue to ensure that the rates we offer them are at least as good value as those offered to new customers, and we have maintained the average Standard Variable Rate (SVR) paid by our borrowers well below the industry average through the period.
“In a particularly active savings market, we are continuing to reward savers with good value products.
“Over the six months ended 30th September 2023 we’ve welcomed 3,372 new savers to the Society, an increase of 21% on the same period last year.
“We expect the market to remain uncertain for some time, as the elevated cost of living continues to impact the economy.
“A combination of our strong financial position and our overarching Purpose to help people own a home and save for the future, will guide us in supporting existing and future members through these unpredictable times.”
