The Newcastle Building Society has reported a rise in pre-tax profits for 2018 of £13.3m, compared to £13.1m for the previous year.
The mutual said that while the 2017 profit before tax included a one-off credit of over £2m relating to the purchase of its Cobalt office in North Tyneside, the 2018 figure represents an operating profit of £2.2m, “reflecting an enhanced business performance”.
Operating profit before provisions and exceptional items increased by £2.6m to £14.7m.
Gross residential mortgage lending was £520m compared to £535m in 2017. Meanwhile, net residential lending was £160m, down from £220m.
The Newcastle Building Society’s 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.”
