Building Society increases total assets for first time since financial crisis

THE West Brom Building Society has recorded a 9% rise in pre-tax profits to £13.5m after a year which it says has shown “a strong performance on all fronts”.

It grew its residential mortgage lending by more than half, to £673m, and savings balances by 10% to £4.4bn in the year to March. Its overall performance resulted in the Society increasing total assets for the first time since the onset of the financial crisis in 2008.

The business also relocated its staff to new headquarters in West Bromwich town centre, providing capacity for future growth.

Jonathan Westhoff, chief executive of the West Brom, said: “The West Brom can be very satisfied with these results, which reflect a strong performance on all fronts. Most notably we have delivered another year of exceptional growth in terms of residential mortgage lending, confirming the Society as a major player in the market.

“With another successful year of increased mortgage lending and sound profit performance completed, the West Brom is positioned as a well capitalised, efficient and modern building society, built on the traditional principles of supporting homeowners, providing a safe home for savers and delivering excellent customer service and satisfaction.”