Newcastle Building Society has lifted gross mortgage lending by 9% to £1.2bn.
The financial results for 2024 reveals that gross mortgage lending exceeded the previous record level of £1.1bn set in 2023, while net core residential lending reduced to £496m from £575m in 2023.
Meanwhile, underlying operating profit decreased slightly to £31.9m from £32.8m in 2023.
Profit for the year before taxation fell to £15.7m from £29.1m in 2023. This comes as a result of the voluntary financial support offered to customers impacted by the actions and subsequent collapse of Philips Trust.
The mutual’s operating profit before impairments and provisions improved by 9% to £34.2m, compared to £31.4m in 2023.
The standard variable rate (SVR) for Newcastle Building Society mortgages remained one of the most competitive on the market at 6.94% throughout 2024 compared to the market average of 7.87%.
Newcastle Building Society says it saved its SVR borrowers around £2.8m in interest payments during 2024 compared to the market average.
Newcastle Building Society chief executive officer Andrew Haigh says: “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.”
“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.”
