Nottingham Building Society anticipates positive year after ‘strong’ performance

Sue Hayes, CEO of The Nottingham Building Society

Nottingham Building Society has released its financial results for the fiscal year ending December 31, 2023, demonstrating an overall strong performance despite a decline in profit.

The society offers savings accounts, mortgages, home insurance, and financial planning services.

This latest report indicates growth in mortgage lending and a increase in new mortgage customers compared to the previous year.

Profit before tax stood at £8.3m in 2023, down £10.6m from the previous year’s £18.9m. Underlying profit, however, rose by £9m to £24.2m.

In 2023, the society welcomed nearly 7,000 new mortgage customers, marking a 75% surge from 2022 figures.

Total mortgage assets reached £3.6bn in 2023, representing a £0.6bn increase from the previous year’s total of £3bn.

Sue Hayes, CEO of The Nottingham Building Society, said:  I am proud of the results we are sharing today, especially given the challenging economic environment, and am grateful to our members, and dedicated colleagues, for their continued trust in us. We look ahead to the coming years with a renewed sense of focus, guided by a clear and impactful purpose, with mutuality as our bedrock.

“Looking to the future, we will continue to monitor the impact of movements in base rate on our mortgage and savings propositions, while focusing on innovation in our products as part of our ongoing transformation journey. We will also continue to support our saver members with attractive savings propositions.”