The mutual also reported its gross mortgage lending was up 31% on 2010 with minimal dependence on wholesale funding.
James Bawa, chief executive at Teachers, said: “We set out a new strategy last year to ensure our continued strength; investing in a new brand identity and website and re-entering the broker market.
“So it’s particularly pleasing that we still returned such a positive result and, in fact, the final few months of the year saw a significant increase in our mortgage lending.
“The property market continues to challenge but we helped many first-time buyers into their own homes through the equity loan scheme FirstBuy and remain one of the only lenders supporting the scheme with a no deposit option.”
