West Brom's profits and lending rise

The West Brom saw pre-tax profits rise 9% to £13.5 million in the year to the end of March.

At the same time a substantial increase in gross home mortgage lending to £673 million represented growth of 51%.

At the same time it has continued to strengthen its core financial strength and, despite continuing historic lows for interest rates, savings balances grew by 10% to £4.4bn, driven by strong growth in ISA and web-based products.

The West Brom, which has 450,000 members, also moved in March from its ageing 1970s High Street home to its new 70,000 sq ft five storey home in the West Bromwich town centre's Providence Place development.

It is all a long way from the 166-year-old society's near collapse in 2009, when it suffered a £48.8 million loss. Its continuing reduction in the toxic commercial loans that did much of the damage has seen the West Brom achieve an increase in its total assets over the last year to £5.8 billion – the first rise since the credit crunch – due to the surge in home loans.

Building society chief executive Jonathan Westhoff said: "The West Brom can be very satisfied with these results, which reflect a strong performance on all fronts.

"Most notably we have delivered another year of exceptional growth in terms of residential mortgage lending, confirming the society as a major player in the market.

"We are committed to helping people achieve their aspirations for home ownership, offering mortgages locally via our branch network and nationally in England and Wales through our telephone advisers and intermediary partners.

"Our growth in lending, which has resulted in the society increasing total assets for the first time since the onset of the financial crisis in 2008, has been entirely funded by an increase in retail savings deposits."

Mr Westhoff added: "Whilst we remain concerned at the impact ultra-low interest rates is having on the income of many savers, we are encouraged by and are supportive of efforts to improve this situation through initiatives such as the Personal Savings Allowance and planned Lifetime ISA.

"Service is also one of the driving forces behind the Society's decision to relocate to new head office premises at Providence Place in West Bromwich, which was successfully completed last month. It provides us with the space we need for future expansion and has the facilities and functionality to improve operational efficiency, thereby ensuring better overall experiences for our customers.

"With another successful year of increased mortgage lending and sound profit performance completed, the West Brom is positioned as a well capitalised, efficient and modern building society, built on the traditional principles of supporting homeowners, providing a safe home for savers and delivering excellent customer service and satisfaction."