West Brom reports profit increase and record mortgage lending

LONDON - West Bromwich Building Society announced a 14% increase in profit before tax to £36.5 million for the financial year ended March 31, 2025, according to a press release statement. The building society also reported record new mortgage lending of £1.3 billion, marking a significant increase from the previous year’s £1.1 billion.

The West Brom attributed part of its lending growth to helping 6,267 first-time buyers, a 34% increase from the previous year. The society’s Standard Variable Rate (SVR) approach, which offers reduced rates for customers with more equity in their homes, has led to average savings of approximately £1,300 a year compared to the market average SVR.

Savings customers benefited as well, with the society paying out £41.8 million more in interest than the market average rate, a rise from £38.6 million the previous year. Savings balances grew by 9% to £5.1 billion. The society welcomed over 13,500 new savers, a third more than the previous year.

In community engagement, West Brom contributed nearly £50,000 to local charities and community projects. Employees volunteered over 1,800 hours in community service and provided financial education to more than 2,000 children and young adults.

West Brom became the first building society in the UK and the first employer in the West Midlands to receive all three accreditations from the Living Wage Foundation, including Living Pension, Living Hours, and Real Living Wage.

The society’s Chief Executive Officer, Jonathan Westhoff, expressed satisfaction with the year’s performance, emphasizing the difference the society is making for members, especially savers and first-time buyers. He also highlighted the society’s commitment to community support and fair employment practices.

West Brom’s financial results allow for further investment in infrastructure and services to support customers now and into the future. Despite potential challenges in the mortgage market and wider economic uncertainty, the society remains focused on its purpose of supporting financial wellbeing and promoting homeownership.

This report is based on a press release statement from West Bromwich Building Society.

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