Nottingham Building Society has hailed a “strong financial performance” in 2024, driven by a 37% growth in new mortgage lending.
Results for the year ended 31 December 2024 show £1.2bn gross new lending, representing an increase of £328m on 2023, while the Society is now its largest in asset terms, with £4.2bn in total mortgage assets and £5.2bn in total assets.
The Society saw 9,166 new mortgage customers in the year, an increase of 32% on 2023.
Meanwhile, £154.6m in total interest was paid to savers, an increase of £62.8m on the prior year.
The business saw pre-tax profits rise to £13.9m, representing an increase of £5.6m on 2023.
Sue Hayes, Chief Executive Officer, said: “2024 was a highly successful year for Nottingham Building Society – and the Society is now its largest in asset terms than at any time in its 175-year history – we have reached a record level of £4.2bn in mortgage assets and £5.2bn in total assets.
“Our strong set of results for 2024 are driven by a 37% increase in gross new mortgage lending, an uplift in new business margins and continued strong customer service feedback.
“We helped 32% more customers own their own home by taking out a mortgage with us for the first time or moving to a new mortgage.
“Most importantly our strategy of supporting those who find it more difficult to get a mortgage in the first place has started to be evidenced and we are establishing our Society as a specialist residential lender. In 2024, we launched a new proposition aimed at foreign nationals living in the UK, supporting those entering the country to support our valued service sector to own their own home.
“Our mortgage balances increased by 18.6% compared with the previous year, whilst overall lending in the UK mortgage market has fallen. Our total mortgage assets have grown by 40 per cent since we began our transformation journey in 2022.
“We were delighted to welcome more savings customers to the Society via our online savings app as well continuing our commitment to passbooks for our branch customers – leading to an increase of 22% in our savings balances. As interest rates remained high throughout the year, we focused on paying savers the best rates we can whilst investing to strengthen the Society. In total, we paid £154.6m in interest to savers in 2024.
“We maintained our Trustpilot score of 4.9 reflecting our exceptional service that we know is highly valued by our customers.
“We are proud that we have seen an increase in statutory profit enabling us to invest for our members and make good progress in delivering our strategy. We invested in our technology, our brand and in developing our propositions to ensure our Society is well placed for the future.
“We took the decision to provide voluntary financial support to those members impacted by Philips Trust Corporation.
“Looking ahead, we believe it is important to enable a market where saving is encouraged and incentivised and alongside other Societies, we advocate for the current cash ISA regulations to be maintained.
“I am proud of the results we are sharing today and would like to thank our members for their continued trust and support to the Society. In 2025, the sector celebrates 250 years of building societies and we are more committed than ever to the mutual values that we know are fundamentally important and highly valued by our members.”
