The Newcastle Building Society has reported record mortgage lending for the first half of 2019.
For the first six months of 2019, gross mortgage lending totalled £380m, an increase of 65% on the first half of 2018.
Net core residential lending of £220m was £60m higher than that delivered across the whole of 2018.
The Newcastle’s profit before tax was up 18% to £8.2m for the six months ended 30 June 2019, compared to £6.9m for the first half of 2018. Operating profit before impairment and provisions increased to £8.5m from £7.2m.
Mortgage arrears were 0.36%.
Andrew Haigh, the Newcastle Building Society’s chief executive, said: “We can see clear evidence that our strategy is delivering meaningful progress.
“At a time when many banks are withdrawing from high streets, we still passionately believe in the role that branches and face to face advice plays in supporting local communities. That’s why we have been re-imagining our branch formats, investing heavily in them to ensure they continue to meet the needs of local people, and in the process growing our customer base.
“The Society continues to make excellent progress in the face of very strong competition in the mortgage and savings market. Investing in branches and local high streets, delivering an outstanding customer experience and enabling our colleagues to realise their potential remain at the heart of our strategy and will continue to ensure we make a positive contribution to our members and the communities in which we operate.”
