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Tuesday, August 21, 2018

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Nottingham Building Society closes in on £4bn asset milestone

Martin Greenland | 07:28 Wednesday 1st August 2018

Nottingham Building Society has seen total assets grow to nearly £4bn as its ‘all-under-one-roof’ advice and service proposition continues to deliver strong financial performance for members and customers.

The building society also saw gross lending in the six months to 30th June 2018 reach £465m as its mortgage book increased by 3.7%, while branch savings balances increase by 7.4%.

In addition, more than 13,000 new members have joined the building society in the same period as the branch network expanded to 67 following the addition of seven new branches at the end of 2017.

However, group profit before tax was £6m, compared with £7.6m in the six months to June 2017.

“Cementing our relevance and appeal to members both now and in the future, has been a key focus throughout the first half,” said David Marlow, chief executive at Nottingham Building Society (pictured above).

“In the face of increasingly rapid societal change, we are investing heavily to develop our digital capabilities and longer-term aspiration to deliver a true omni-channel experience where our members have the control and convenience of choosing how and when they interact with us.

“Underpinned by our strategic pillars of growing and rewarding membership; delivering strength in financial adequacy; striving to deliver first-class service across our operations; and continuing to support our people and communities, our mid-year results are a positive reflection of this strategy.”

David added that he was particularly proud that its net promoter score remained consistently high at 79%.

“We are looking forward to building on our successes with some exciting launches during the second half.”

The building society is set to launch a cash Lifetime Isa later this summer, initially available in branches and then online as it expands its digital platform.

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