The Principality Building Society increased new residential mortgage lending in Wales by 38% over the first six months of this year compared with the same period last year.

Lending totalled £106 million for the first half of 2013.

It also said it has helped over 800 first time buyers across England and Wales get onto the property ladder.

Wales’ largest building society reported half-year pre-tax profits of £14.7 million, up by £700,000 on the same period last year.

Graeme Yorston, group chief executive, said: “I am pleased to once again report another successful and well-balanced first half performance for Principality Group.

“We set out plans at the start of the year to grow the Society and increase mortgage lending and we have delivered on this aim, positively impacting on our overall position within the UK building society sector.

“We continue to have a very strong position on capital and liquidity and I am pleased to report an increased profit in line with our balance sheet growth.”