NEWCASTLE Building Society today reported a rise in profits after refocusing on its core, traditional business.
Pre-tax profits rose to £1.5m from £0.1m in the year to the end of December, while lending to first time home buyers rose by more than 210%.
Chief executive Jim Willens said: “As expected, 2012 was a year where further challenges emerged and it is against this backdrop that I am pleased to report the Society continued to deliver against its strategy.
“In 2010, we changed our strategic focus to returning the Society to a traditional building society model with a diversified income stream via our Solutions business; built on core building society competencies.
“At the heart of this strategy are our members, our staff and the communities within which we operate and ensuring we provide a good range of products and excellent service, underpinned by the Society’s Values.”