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Profit and income growth continues at Newcastle Building Society

Newcastle Building Society has posted improved pre-tax profit after a “very positive” year, with its results showing continued growth in residential lending and increasing membership numbers.

 

The society, which operates 28 branches across the North East of England and Cumbria, recorded a total operating income of £64.5m for the year ending 31 December 2018, up from £57.9m the previous year.

 

During the period its mortgage lending totalled £520m, which included helping 1,100 first-time buyers on to the housing ladder.

 

Pre-tax profit improved to £13.3m, compared to £13.1m in 2017.

 

The society also undertook a multimillion-pound branch refurbishment programme, with new branch concepts launched in Durham, Gosforth and Carlisle.

 

Chief executive, Andrew Haigh said: “2018 has been a significant year of change and progress for Newcastle Building Society.  We have seen our highest growth in income compared to recent years, increasing profitability and growth in our member base.

 

“Whilst economic uncertainties may continue, we will maintain our focus on investing in our business, our colleagues and our communities to build a strong regional building society that is recognised for making a genuine difference to people and communities across the North East.”

 

Originally published in Insider Media