Nottingham Building Society has presented its results for the year ending 31st December 2023, reporting an increase in mortgage lending and new mortgage customers.

The mutual saw £887m in gross new lending during the period, representing an increase of £228m from 2022.

In addition, it reported £3.6bn in total mortgage assets and almost 7,000 new mortgage customers, an increase of 75%.

Its profit before tax was £8.3m, representing a decrease of £10.6m when compared to 2022.

In addition, the society saw £24.2m underlying profit before tax, and a 1.94% net interest margin.

Sue Hayes (pictured), chief executive officer of The Nottingham, said: “I am pleased to report our financial results for 2023 alongside the progress towards delivering our strategy.

“Our financial performance in 2023 was strong, with an underlying profit before tax of £24.2m (2022: £15.2m) and an 18.3% increase in mortgage balances compared with 2022.

“I’m particularly pleased to report we achieved significant growth in mortgage lending while overall lending in the UK mortgage market fell.

“We helped almost 7,000 borrowers either take out a mortgage with us for the first time or move to a new mortgage product.

“Over the year we achieved good growth in our savings balances as we diversified our proposition to offer a variety of attractive products and savings rates to our customers via our branch network and online savings app.

“As interest rates have risen and remained high throughout this year, we have focused on paying savers the best rates we can whilst doing what we need to strengthen the Society.

“We paid a total of £91.8m in interest to savers in 2023 (2022: £23.9m).”

She added: “I am proud of the results we are sharing today, especially given the challenging economic environment, and am grateful to our members, and dedicated colleagues, for their continued trust in us.

“We look ahead to the coming years with a renewed sense of focus, guided by a clear and impactful purpose, with mutuality as our bedrock.

“Looking to the future, we will continue to monitor the impact of movements in base rate on our mortgage and savings propositions, while focusing on innovation in our products as part of our ongoing transformation journey.

“We will also continue to support our saver members with attractive savings propositions.”