West Brom reports strong half year with £479m of new mortgage lending

West Bromwich Building Society has reported a robust set of half year results despite the impacts of the pandemic.

For the six months to the end of September, the mutual reported £479m of new mortgage lending, with £123m of new mortgages to first-time buyers, up from £102m in the prior year period.

West Brom posted statutory profit before tax of £14.6m, up from £2.9m, driven by higher net interest income and fair value gains and lower impairment requirements.

Jonathan Westhoff, chief executive, said: “It is pleasing to be able report a strong half-year performance, despite much of the period continuing to be dominated by the pandemic and the knock on impact on our members, colleagues and communities.

“As we come to the end of another reporting cycle in the seemingly ‘post-pandemic’ environment, I continue to be extremely proud of all the efforts of my colleagues.

“As we move into the second half of the year, we have a cautiously optimistic outlook whilst remaining aware of the potential challenges ahead, which are supported by our strong capital position to weather any future storms.

“We will continue on our journey of adopting hybrid working and modernising our services to best support our saving and borrowing members, as well as our colleagues, in this new environment.”