West Brom back on track with a £6m profit

BUILDING society The West Brom has reported a pre-tax profit of £6m for the six months to September 30 compared to a loss of £7.6m for the corresponding period last year.

It has also seen a significant increase in residential mortgage lending. It amounted to £300m in the period in question, which is more than the total amount of lending for itslast full financial year (2013/14: £214m).
 
Jonathan Westhoff, The West Brom’s chief executive, said: “These results represent a significant year on year improvement in our performance and it is pleasing to have maintained a profitable position since our last year end.
 
“The West Brom continues to deliver against its strategic objectives, having achieved £300m in completed mortgage business after just six months.  We have broadened our mortgage product range to offer options at a variety of deposit levels and introduced incentives such as cash-back, free valuations and free legal services, which have resulted in us featuring consistently in the best nuy rankings.
 
“When the Society reduced its standard variable rate in August to a market leading 3.99%, this not only made us more competitive for new borrowers, it immediately benefited existing borrowers as well.
 
“Going forward there is much for us to be excited about, in particular the construction of our new head office in West Bromwich town centre which is due for completion next year. 

“It will continue to provide vital jobs in the town and ensure we have ample capacity for future growth.”