West Brom mortgage lending and profits grow

West Bromwich Building Society has reported a strong trading performance in its latest set of results despite much of the period continuing to be dominated by the pandemic.

Chief executive Jonathan Westhoff
Chief executive Jonathan Westhoff

The society, which has its headquarters at Providence Place, saw mortgage lending grow to £479 million in the six months to September 30 2021, compared with £248 million in the same period last year.

The company revealed £123 million of new mortgages were given to first-time buyers, up from £102 million.

Meanwhile, statutory profit before tax also increased to £14.6 million from £2.9 million, which was driven by higher net interest income and fair value gains, and lower impairment requirements.

With the Bank of England Base Rate at an all-time low of 0.10 per cent, the society has continued to support savers as much as possible. During the first six months of the year the society paid rates 98 per cent above the market average.

The society said it has been prioritising the wellbeing of its members, colleagues and communities, remaining operationally and financially resilient and ensuring its products, services and premises are safe and accessible.

Jonathan Westhoff, chief executive, said: “It is pleasing to be able report a strong half-year performance, despite much of the period continuing to be dominated by the pandemic and the knock-on impact on our members, colleagues and communities.

“As we come to the end of another reporting cycle in the seemingly ‘post-pandemic’ environment, I continue to be extremely proud of all the efforts of my colleagues.

“As we move into the second half of the year, we have a cautiously optimistic outlook whilst remaining aware of the potential challenges ahead, which are supported by our strong capital position to weather any future storms.

“We will continue on our journey of adopting hybrid working and modernising our services to best support our saving and borrowing members, as well as our colleagues, in this new environment.”

The business also received recognition in three categories of the Moneyfacts 2021 awards including winner of Best Building Society Mortgage Provider, highly commended for Best Fixed Rate Mortgage Provider and commended for Innovation in Personal Finance for the Modified Affordability proposition.

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