West Brom Building Society completed more than £1 billion of new homeownership lending in its latest financial year, with first-time buyers accounting for 72% of new homebuyer mortgages.

The society said it helped more than 5,500 first-time buyers take their first step onto the property ladder during the year.

Overall, 85% of new mortgages were for homebuyers, with first-time buyers making up nearly three quarters of that lending.

West Brom also said it had supported standard variable rate borrowers by offering lower rates to customers with more equity in their homes at the end of their mortgage deal. The society said this helped customers save around £1,200 a year compared with the average market SVR.

The mutual added more than 21,000 new savers over the year, a 54% increase on the previous year. Total savings balances rose by 10% to £5.6 billion.

West Brom said savers benefited from rates averaging 28% above the market, which it said put an additional £37.4 million into members’ pockets compared with typical savings returns.

The society reported pre-tax profits of £33.6 million. Its Common Equity Tier 1 capital ratio increased to 17.2%, supporting further lending and continued investment in digital and technology systems.

Jonathan Westhoff, chief executive at West Brom Building Society, said: “In what’s been a challenging market, our Society’s strong performance reflects our clear focus on doing the right thing for our members.

“Maintaining over £1 billion in new lending while increasing our support for first-time buyers shows we’re delivering where it matters most, helping more people buy their first home.

“At the same time, we’ve made sure our savers continue to see real value, with rates consistently above the market average and millions more returned to our members. That balance is at the heart of what it means to be a mutual.

“Alongside our financial performance, we’ve continued to invest in our communities, opening five branch community rooms across our heartlands, hosting local community groups such as Talkin’ Tables and other wellbeing initiatives, such as scam and fraud awareness, and power of attorney sessions.

“Through fundraising, grants and donations, we’ve provided nearly £50,000 to support charities and community groups, while colleagues volunteered nearly 1,900 hours to local projects and delivered financial education sessions to over 2,100 children and young adults in our heartlands.

“And, we continued our partnership with Birmingham based charity Jericho, helping to support employment opportunities for those who may struggle to enter the workplace.

“We’re proud of the progress we’ve made, but we’re not standing still. We’re continuing to invest in our communities, our people and our digital transformation, so that we can offer even greater choice, flexibility and support for our members now and into the future.”