West Brom Building Society has delivered a strong annual performance, completing more than £1 billion of new home equity loans.
More than 5,500 first-time buyers have been helped to take their first step toward homeownership. Overall, 85% of new mortgages were for homebuyers, and 72% of them supported first-time buyers.
The Society generated pre-tax profits of £33.6 million, which helped maintain a strong tier 1 capital ratio of ordinary shares, which rose to 17.2%.
Comment on the latest results West Bromwich Building Society Chief executive Jonathan Westhoff said: “In a challenging market, the strong performance of our community reflects our clear focus on doing the right thing for our members. Maintaining over £1bn of new lending while increasing our support for first-time buyers shows we are delivering in the areas that matter most, helping more people buy their first home.”
