Principality BS  

Principality lending up by nearly £1bn

Principality lending up by nearly £1bn

Principality Building Society said gross mortgage applications have risen to £2.5bn, a £917m growth, as it announced pre-tax profits of £57.6m.

The Welsh building society said it has grown its assets to £9.3bn, and that it has helped 5000 first-time buyers get on the property ladder.

Steve Hughes, chief executive of Principality Building Society, said: "We have continued to provide a safe home for our members' savings, whilst providing great customer service.

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"We have built financial resilience through our strong residential mortgage growth and robust profitability."

Savings balances now stand at more than £6.5bn, up from £6.1bn.

Mr Hughes said the society had made use of loyalty retention rates to keep customers saving with the group and it is investing in digital technology.

He said: "Our members have told us they want flexibility and to have more choice in how they do business with us."

Principality has launched a video conference service throughout its branches.

He said this means the equivalent of face-to-face interviews can take place anywhere throughout our retail network.