Lender sees mortgage asset growth and increased customer numbers in 2024
Nottingham Building Society has reported a strong financial performance for 2024, driven by a 37% increase in new mortgage lending. The mutual saw significant growth in mortgage assets and customer numbers, alongside a rise in statutory profit.
The society’s gross new lending reached £1.215 billion, up from £887 million in 2023, an increase of £328 million. Total mortgage assets grew by £600 million to £4.2 billion, while the number of new mortgage customers rose by 32% to 9,166.
Profit before tax stood at £13.9 million, a £5.6 million increase from the previous year. However, underlying profit before tax declined to £22.8 million from £24.2 million. Net interest margin fell by 0.22 percentage points to 1.72%.
“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 £4.2 billion in mortgage assets and £5.2 billion in total assets,” said Sue Hayes (pictured), chief executive of Nottingham Building Society, commenting on the annual results.
She attributed the growth to increased mortgage lending, stronger margins on new business, and positive customer feedback. The society also expanded its mortgage offering, including a product aimed at foreign nationals living in the UK.
Mortgage balances increased by 18.6% despite a broader slowdown in UK mortgage lending. Since 2022, total mortgage assets have grown by 40%.
On the savings side, the society recorded a 22% rise in savings balances, supported by its online savings app and continued commitment to branch-based passbook accounts. In total, £154.6 million was paid in interest to savers in 2024.
Hayes also noted the society’s investment in technology, branding, and proposition development, as well as its decision to provide voluntary financial support to members affected by Philips Trust Corporation.
“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,” she said.
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