MortgagesNov 27 2015

West Brom half-year profits hit £6m

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West Brom half-year profits hit £6m

West Bromwich Building Society saw its profits remain steady at £6m at the end of September, compared with the same period in the previous year.

The lender cited profits before tax of £6m for the six months to 30 September 2015, against the same figure for the end of September 2014.

The results also revealed gross residential mortgage lending was down slightly to £295m in 2015 from £300m in 2014.

West Brom’s chief executive Jonathan Westhoff said it is well on track to exceed the full year figure of £446m in mortgage lending completions for 2014 to 2015.

“These results demonstrate a sound performance, with the West Brom’s profit levels maintained year-on-year,” Mr Westhoff said.

“We continue to make funds available for homebuyers, advancing £295m of gross prime residential lending during the period, and are well on track to exceed the full year figure of £446m in completions for 2014 to 2015.

“Much of this is down to our increased presence and growing reputation in the intermediary market, which enables us to broaden our lending to a wider geographical area.”

West Brom cited an increase in retail savings balances since the end of its last full financial year, meaning the vast majority of new mortgage lending is funded by retail deposits.

The society also reported savers are making use of the current opportunities for tax-free saving, with an increase of just over 15 per cent achieved in Isa balances throughout its membership.

Mr Westhoff said: “In light of this, we anticipate members will welcome changes scheduled for next year to the rules governing taxation for savings income.”