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West Brom reports £13.1m pre-tax loss

West Brom Building Society has reported a £13.1m pre-tax loss for the year ending March 31, an improvement on the £18.5m loss over the same period last year.

The group increased its core tier one capital ratio from 11.8 per cent to 12.8 per cent over the period.

It attracted 29,500 new savers, with total retail savings inflows of £1.9bn. Residential mortgages were covered 1.22 times by retail deposits.

The building society sold mortgage broker subsidiary Mortgageforce to its existing management team in March 2011.

Chief executive Jonathan Westhoff says: “Once again, we have strengthened our core tier one capital ratio. Already one of the highest amongst UK banks and building societies, we increased this ratio to 12.8 per cent, ensuring that the Society remains a safe and secure home for savers’ money.”

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