The Nottingham sees profits rise after strategic review
Nottingham Building Society has posted a “strong” set of results for 2022, with an increase in mortgage lending and pre-tax profit compared to 2021.
The Nottingham saw pre-tax profit rise by £3.8m to £18.9m, with gross mortgage lending up 18% at over £659m.
The Society completed a strategic review in 2022 and in November agreed a £600m partnership with fintech mortgage lender Gen H to help boost the prospects of home ownership for first-time buyers and remortgagers.
Sue Hayes, CEO of Nottingham Building Society, said: “Our financial performance has been achieved despite additional costs and increased provisions for expected future credit losses driven by the rising cost of living, and inflationary challenges that our borrowers face into 2023 and beyond. Increasing interest rates have supported the strong performance.”