Newcastle Building Society posts lower profit and lending in ‘challenging’ first half
Newcastle Building Society posts lower profit and lending in ‘challenging’ first half
The mutual reports pre-tax profit down 10.7% to £14.2m in the period to the end of June compared to a year ago, while gross mortgage lending fell 7.2% to £448m.
“The first half of 2022 has seen the external environment continue to be unpredictable and increasingly challenging, with the pandemic still evident in our way of life, we now are facing unprecedented high inflation and a potential cost of living crisis,” says Newcastle Building Society chief executive Andrew Haigh in a statement to the London Stock Exchange.
He adds: “The high inflationary pressures that are being felt in our own households are also impacting our day-to-day business operations, which together with our ongoing programme of investment into technology and infrastructure, have seen our costs increase across our business activities.”
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