The Nottingham Building Society has reported strong growth for the six-month period ending 30th June 2017.

Key growth figures for the building society included:

• gross lending of £544m up 33% on the same period last year and mortgage book growth of 7.1%
• strong retail franchise – 3.9% increase in branch balances
• net interest margin at 1.29%
• pre-tax profit of £7.6m, up 7%
• arrears levels remain at a historic low level
• strong capital ratios with common equity Tier 1 ratio of 14.4% and leverage ratio of 4.6%
• strong customer advocacy with a net promoter score of 78.4%.
   

Last week, the Nottingham announced that it would be opening seven new branches in Bourne, Spalding, Stamford, Huntingdon, Dereham, Fakenham and Thetford.

These additions will result in the Nottingham having 67 branches in its network, more than double the number it had in 2012 (32 branches).

David Marlow, chief executive of the Nottingham (pictured above), said: “At the beginning of the year, we undertook to continue to grow the society, invest in improving our offering and service, as well as look at how we could build and reward loyal membership of the Nottingham.

“At the half-year point, we are pleased to report good progress in all of these objectives.

“We have continued to grow the balance sheet and have delivered asset growth of 6.1% in the first six months of the year.”