The West Brom insists its performance is “sound” despite profits flatlining

BUILDING society The West Brom has recorded a flattish set of results for the six months to September 30 with profit before tax of £6m the same as the corresponding period last year.

Gross residential mortgage lending was down at £295m (2014: £300m).

But growth in members’ savings balances was up slightly over a six month period at £4.05bn (31 March 2015: £3.99bn).

Chief executive Jonathan Westhoff said: “These results demonstrate a sound performance, with the West Brom’s profit levels maintained year on year.
 
“We continue to make funds available for homebuyers, advancing £295m of gross prime residential lending during the period, and are well on track to exceed the full year figure of £446m in completions for 2014/15. 
 
“Much of this is down to our increased presence and growing reputation in the intermediary market, which enables us to broaden our lending to a wider geographical area.” 
 
Westhoff said it is pleasing to have seen an increase in retail savings balances since the end of our last full financial year, which means that the vast majority of new mortgage lending is funded by retail deposits. 
 
Savers are also making use of the current opportunities for tax-free saving, with an increase of just over 15% achieved in the building society’s ISA balances amongst its membership.

The West Brom’s new head office at Providence Place in the town is expected to complete shortly.

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