Profits up but mortgage lending falls at West Bromwich

The West Bromwich Building Society has reported a fall in mortgage lending in its latest set of results.

It was down from £756m in 2021-2022 to £691m for the year to the end of March but pre-tax profit rose from £23.2m to £31.8m.

The mutual said that of the £691m in new mortgage lending, 67% of loans for house purchase supported first-time buyers onto the property ladder, up from 54%.

Chief executive Jonathan Westhoff said: “It’s great to report a strong performance as we continue to work through significant challenges in our external environment. Whilst our financial performance demonstrates our underlying strength and resilience, and helps us to drive forward on our purpose-led agenda, perhaps most satisfaction comes from what we have delivered for our members, demonstrating the tangible benefits of being with a mutual that is true to its purpose.

“Living costs look set to remain elevated for some time to come, maintaining the pressure on households and businesses alike. We will continue to use our financial strength responsibly to support our members, colleagues and communities through these challenging times, helping people to stay in their homes and save for the future where possible.

“Recent years have built a significant momentum, not measured by our size or profitability, but by the true value we deliver to our members, and I look forward to working with my new and existing colleagues to deliver even more purpose-led innovations as we approach 175 years of mutuality at the West Brom.”

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