The Nottingham reports profit after tax for H1 2021

The Nottingham has reported a profit after tax of £4.9m for the first half of 2021.

The society’s mid-year results for trading in the six months to 30 June confirmed it currently has mortgage assets of £3.0bn.

One of the key drivers of the performance in this period was the increased activity in the housing market, The Nottingham stated, which delivered over half a billion pounds in mortgage applications for the society. This was up by more than a third on the same period in 2020, with completions climbing by 18%.

Despite the ongoing restrictions of the COVID-19 pandemic, the society also suggested a clear highlight in its opening half of 2021 was the growth of its younger members saving into a Lifetime ISA (LISA) to buy their first home. The Nottingham now has over 50,000 members doing so, the vast majority digitally, with balances in excess of a quarter of a billion pounds, which is up from just over £55m a year ago.

Elsewhere, the vast majority of the nearly 3,000 members supported with mortgage payment deferrals returned to making payments as normal, the society added, with only a handful of arrangements now in place.

“The past 15 months have brought unprecedented challenges to our society and our communities at large,” said The Nottingham chief executive, David Marlow. “We have navigated those challenges well so far, whilst demonstrating our mutual credentials in support of our members, colleagues, and communities.

“We are also fundamentally reshaping the society to support our growing membership well in a newly emerging world. It will be important that we continue to focus on this and be ready for the challenges and opportunities that lie ahead in the remainder of 2021 and beyond.”

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