The Nottingham hails ‘good progress’ despite fall in profits

The Nottingham has hailed “another period of good progress” although pre-tax profits fell by 20% in the first half of the year.

The Society generated £6.0m profits, down from £7.6m a year earlier, which it partly attributed to “significant investment” in its operations.

David Marlow, chief executive of The Nottingham, said: “At the beginning of the year we undertook to move forward from our firm foundations, focusing on the four key pillars of growing and rewarding membership; strong financial adequacy; operational excellence and people, culture and community.

“At the half year point we are pleased to report good progress.”

It said it continues to develop its “all under one roof” advice and service proposition for its members.

Marlow added: “Whilst headwinds and uncertainties remain, the board of The Nottingham has confidence in its delivery and plans to continue to grow the Society in a safe and secure way, through differentiating ourselves strongly from the big banks and continuing to support and reward our growing membership.”