West Bromwich Building Society has issued its H1 results, the key highlights of which are given below:
- Gross residential mortgage lending for the half year of £441m, up nearly 50% from the previous year (30 September 2015: £295m).
- Loss before tax of £23.7m for the six months to 30 September 2016 (30 September 2015: Profit £6.0m) after allowing for costs of £27.5m relating to a one-off reimbursement of interest charged on certain buy to let mortgages.
- Underlying profit before tax of £3.8m (30 September 2015: £1.3m).
- Members' savings balances maintained at £4.4bn (31 March 2016: £4.4bn).
- Strong capital position, with a Common Equity Tier 1 ratio of 13.8% (31 March 2016: 14.6%) and a particularly strong leverage ratio of 7.2% (31 March 2016: 7.6%).
At 9:45am: (LON:WBS) West Bromwich B.s. share price was 0p at 22.25p