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Norwich & Peterborough announces business figures

The Norwich and Peterborough Building Society saw record levels of mortgage lending in 1998 totalling £350m up from £337m in 1997.


Group pre-tax profits grew to £16.84m up slightly on 1997&#39s £15.89m.


The lender says that the figures demonstrate the strength of mutuality in what is an increasingly competitive market.


Commercial lending was up 10m increasing to £42m from £32m.


Total assets grew nearly 11 per cent bringing to £2.06m. The year-end solvency ratio is 13.7 per cent.


Out-going group chief executive Martin Armstrong says: &#34I have no doubt that I am leaving the society on a high note with this excellent set of results. Mutuality is good for our customers and for the business.&#34

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