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LONDON - Nottingham Building Society (NBS) reported an underlying profit before tax of £11.0 million for the first half of 2025, representing a 22.2% increase compared to the same period last year, according to a press release issued by the company.
The building society’s total mortgage assets grew by 12.9% to £4.4 billion, while gross new lending increased by 1.8% to £535.1 million. Total (EPA:TTEF) savings balances rose to £4.4 billion, up from £4.0 billion in the first half of 2024.
Profit before tax reached £8.0 million, a significant improvement from the £0.7 million reported in the same period last year, which was impacted by expenses related to the Philips Trust Corporation payment scheme.
The society maintained strong capital and liquidity positions with a CET1 ratio of 13.5% and an average Liquidity Coverage Ratio of 191.8%. Its underlying cost-to-income ratio improved to 75.2% from 76.6% in the prior year.
NBS reported that its net interest margin decreased to 1.61% from 1.87%, which it attributed to competitive pressures on funding costs and its commitment to offering favorable rates to savers. The society paid £82.1 million in total interest to savers, an increase of £10.6 million compared to the first half of 2024.
"Our strategy in 2025 is a deliberate one: to moderate lending growth while we implement new technology, strengthen our core banking systems and evolve our mortgage proposition," said Sue Hayes, Chief Executive Officer of Nottingham Building Society.
The society also highlighted improvements in customer service metrics, with its net promoter score increasing to 63.6% from 61.3% in the previous year.
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