The Nottingham saw its gross mortgage lending increase 13% in 2021 to over £550m, resulting in total assets of £3.6bn, its latest results have shown.
Overall new mortgage applications rose by 22% on 2020 figures, supporting an increase in net interest income of 13% to £45.9m, with underlying income rising 11% to £49m.
2021 also saw the Society take a new approach to offering its members mortgage advice through a partnership with Mortgage Advice Bureau (MAB) and Belvoir that combined MAB’s mortgage network and digital capability with Belvoir’s high-street based advisors.
Its building society customers can still speak to advisors at their local branch and Beehive Money members can access expert mortgage advice for their first home through the app’s Marketplace service.
Group pre-tax profit stood at £15.1m with underlying pre-tax profit of £7.4m.
David Marlow, chief executive officer, said: “Whilst the challenges of the pandemic remain, I am delighted to report good progress on the development and delivery of our strategy, as well as a return to strong financial performance providing the platform for continued investment and growth.
“We enter 2022 financially strong and confident that the changes we are making to reinvent the Society are the right ones ensuring that we have a relevant and vibrant future.”
In relation to the Society’s future, these results mark David Marlow’s last official announcement before he steps down as chief executive. In closing,
He said: “I am immensely proud of what we as a team have consistently achieved over many years and it has been an honour and privilege to serve our members over that period.
“The Nottingham will always have a special place in my heart, and I will continue to watch our continued progress with real interest and pride.
“My enormous gratitude and respect go to our colleagues and partners for their outstanding efforts in what has been another unique and challenging year. You have all been amazing.
“Finally, I’d like to thank our members for continuing to have faith and trust in us to help you save, plan, and protect your futures. I hope that continues for many years to come.”
Sue Hayes is joining the Society as the new chief executive and will assume formal responsibility for the Society following the announcement of these results.
