Newcastle loans hit record £496m
NEWCASTLE Building Society poached business from rival mortgage providers to boost gross lending 36% to a record £496m last year. The Tyneside society was also aggressive in mopping up deposits, taking in net retail receipts of £230m, up 57%.
Mortgage arrears declined but the society more than doubled its provision for bad and doubtful debts to £1.25m for the year to December.
Chief executive Robert Hollinshead said the society was becoming more efficient. Management costs as a share of total assets fell from 1.03% to 0.95%.
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