Profits up as The Nottingham reveals expansion plan

The Nottingham Building Society has reported a rise in pre-tax profits for the year-ending 30 June, and says it is opening more branches.

Profits were up 7% to £7.6m, with gross lending rising by a third to £544m.

Last week, The Nottingham announced that it will open branches in a further seven new locations in Bourne, Spalding, Stamford, Huntingdon, Dereham, Fakenham and Thetford, following the closure of the Norwich & Peterborough Society branches in those locations. Once these are opened later this year, The Nottingham will have 67 branches in its network, more than double the number it had in 2012 (32). It also recently announced a multi-million pound investment in digital technology.

David Marlow, chief executive of The Nottingham, said: “At the beginning of the year we undertook to continue to grow the Society, invest in improving our offering and service as well as look at how we could build and reward loyal membership of The Nottingham. At the half year point we are pleased to report good progress in all of these objectives. We have continued to grow the balance sheet and have delivered asset growth of 6.1% in the first six months of the year.”