The Black Country’s biggest building society, the West Bromwich, today revealed its first fall in profits for a decade.
But society bosses assured both borrowers and savers that it deliberately put safety and security above growth.
Profit before tax for the year dropped 6.8 per cent to £41.1 million, down from £44.1 million in the previous 12 months.
Chief executive Stephen Karle said: “The West Brom has performed creditably despite market conditions.
“The society has an overriding focus on ensuring the safety and security of our members’ savings and investments, whilst ensuring profitable performance.
“We have a funding base that will allow us to provide competitive products and respond to opportunities that may arise from the current market conditions.
“The way we operate our business will mean we will remain competitive while, at the same time, ensure our business is not subject to unnecessary risk.”The West Brom had no exposure to the US sub-prime markets or to US mortgage-backed securities - two of the factors that have led to a global credit crunch.
Against the society’s slip in profits, however, mortgage assets under management rose by nine per cent to £7.3 billion, while net savings balances rose by £1 billion to £5.5 billion and total assets jumped 15 per cent to £9.6 billion.
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