Profits drop at The Nottingham as it turns towards tech
The Nottingham Building Society says it will “manage its administrative expenses” after reporting 19% fall in profits for 2018.
The Society said that profits dropped by £2.7m during the year to £11.8m. It says this is down to the impact of its investment plans, which have seen new branches open. The Nottigham now has 67 branches across 11 counties.
Despite the drop in profits, The Nottingham built its overall mortgage book by 4% with mortgage lending exceeding £800m in 2018 and says it now has total branch savings of £2.4bn – up 13% last year.
David Marlow, chief executive, said: “2019 will undoubtedly be a year of uncertainty for us all. We continue to believe that our unique proposition, if delivered brilliantly and continually evolving to match changing expectations, will remain as popular as ever with our growing membership.
“We have embarked on investing in and developing leading technology for our members and expect to need to continue to do so for the foreseeable future as we continue to successfully grow our membership sustainably, both now and in the years ahead.”