Nottingham Building Society Half-year Report (3059H)
27 Julho 2023 - 4:00AM
UK Regulatory
TIDMNOTP
RNS Number : 3059H
Nottingham Building Society
27 July 2023
Nottingham Building Society
Results for the period ended 30(th) June 2023
The Nottingham delivers a positive financial performance for the
six months ended 30(th) June 2023, achieving growth in mortgage lending
in a challenging economic environment as it continues its transformation
plan
Key Performance Indicators
The key performance indicators disclosed below are based on the position
at 30(th) June or for the 6-month period ended 30(th) June, unless
otherwise stated. The average Liquidity Coverage Ratio ('LCR') represents
a 12-month average for the period ended 30(th) June 2023.
* GBP457.1m gross new lending (2022: GBP252.5m),
representing an increase of GBP204.6m
* GBP3.3bn total mortgage assets (2022: GBP2.9bn), a
growth of GBP0.4bn
* 3,630 new mortgage customers (2022: 2,396), an
increase of 51.5%
* GBP3.1bn total savings balance (2022: GBP3.0bn), an
uplift of GBP0.1bn
* GBP35.4m total interest paid to savers (2022:
GBP7.5m), an increase of GBP27.9m
* GBP13.7m underlying profit before tax (2022: GBP7.3m),
representing an increase of GBP6.4m
* 2.0% underlying net interest margin (2022: 1.5%), an
absolute increase of 0.5%
* 64.4% underlying cost to income ratio (2022: 75.4%),
an absolute reduction of 11.0%
* ECL coverage ratio of 18bps (2022: 10bps), an
increase of 8bps
* 16.3% CET1 ratio (2022: 16.2%)
* 5.9% Leverage ratio (2022: 5.9%)
* 177.3% average LCR (2022: 221.8%)
* 4.8 Trustpilot score (2022: 3.1)
* 67.0% net promoter score (2022: 67.9%)
* 817 colleague volunteering hours (2022: 317)
Sue Hayes, Chief Executive of The Nottingham, said:
"This has been a pivotal six months for the Nottingham.
Our strong performance in a volatile economic environment demonstrates
the progress we have made towards transforming our building society.
We know this has been a challenging time for our members and I am
proud that we have done everything we can to support them, by passing
on rate rises and paying savers the best rates we can.
The last six months has seen the biggest impact on mortgage holders
in 15 years, which is why we were one of the first to sign up to the
new "Mortgage Charter" - ensuring our borrowers can access the best
solutions for them and helping them through this challenging environment.
As we look to the future, we will support an even broader range of
people to own their own home, and we have introduced a range of lending
criteria changes in recent weeks that will help enable this. In addition
our partnership with Generation Home to make property ownership more
achievable continues to develop strongly. We look forward to delivering
on these goals during the second half of this year."
Susan Hayes
Chief Executive
26(th) July 2023
Consolidated Income Statement
for the six months ended 30 June
2023
Period Period Year Ended
to 30 June to 30 June 31 Dec 2022
2023 2022
(Unaudited) (Unaudited) (Audited)
GBPm GBPm GBPm
Continuing operations
Interest receivable and similar income 89.8 39.3 98.8
Interest payable and similar charges (49.5) (11.1) (36.0)
-------------- -------------- -------------
Net interest income 40.3 28.2 62.8
Fees and commissions receivable 1.3 1.8 3.1
Fees and commissions payable (0.4) (0.7) (1.5)
Net (losses)/gains from derivative
financial instruments (3.0) 4.0 10.2
--------------
Total net income 38.2 33.3 74.6
Administrative expenses (22.8) (18.2) (42.8)
Depreciation and amortisation (3.1) (3.9) (10.7)
Operating profit before impairment 12.3 11.2 21.1
Impairment release - loans and advances (0.6) 0.1 (2.2)
Profit before tax 11.7 11.3 18.9
Tax expense (2.6) (1.6) (3.1)
-------------- -------------- -------------
Profit after tax for the financial
period from continuing operations 9.1 9.7 15.8
Reconciliation to underlying profit
before tax
Period Period Year Ended
to 30 June to 30 June 31 Dec 2022
2023 2022
(Unaudited) (Unaudited) (Audited)
Profit before tax 11.7 11.3 18.9
Losses/(gains) from derivative financial
instruments 3.0 (4.0) (10.2)
Net strategic investment costs - - 5.0
Change in accounting estimates (1.0) - 1.5
-------------- -------------- -------------
Underlying profit before tax 13.7 7.3 15.2
Consolidated Statement of Financial
Position
as at 30 June 2023
30 June 30 June 31 Dec
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBPm GBPm GBPm
Assets
Liquid assets 630.1 773.0 719.3
Derivative financial instruments 181.2 83.6 142.6
Loans and advances to customers 3,105.9 2,876.1 2,922.8
Fixed and other assets 29.3 32.9 27.8
-------------- --- -------------- --- ------------
Total assets 3,946.5 3,765.6 3,812.5
-------------- --- -------------- --- ------------
Liabilities
Shares 3,132.3 2,984.6 3,009.7
Borrowings 520.1 511.1 518.4
Derivative financial instruments 16.5 6.4 14.4
Other liabilities 13.0 13.4 14.4
Subscribed capital 24.0 24.0 24.0
-------------- --- -------------- --- ------------
Total liabilities 3,705.9 3,539.5 3,580.9
Reserves
General reserves 243.8 228.8 235.0
Fair value reserves (3.2) (2.7) (3.4)
-------------- --- -------------- --- ------------
Total reserves attributable to members
of the Society 240.6 226.1 231.6
Total reserves and liabilities 3,946.5 3,765.6 3,812.5
-------------- --- -------------- --- ------------
Consolidated Statement of Changes
in Members' Interests for the period
ended 30 June 2023
General FVOCI
Reserve Reserve Total
GBPm GBPm GBPm
Balance as at 31 December 2022
(Audited) 235.0 (3.4) 231.6
Profit for the period 9.1 - 9.1
Other comprehensive (expense)/income
for the period (net of tax)
Net (losses)/gains from changes
in fair value (0.3) 0.2 (0.1)
Total comprehensive income/(expense)
for the period 8.8 0.2 9.0
--------- --------- --------
Balance as at 30 June 2023 (Unaudited) 243.8 (3.2) 240.6
--------- --------- --------
Balance as at 31 December 2021
(Audited) 219.2 (0.1) 219.1
Profit for the period 9.7 - 9.7
Other comprehensive (expense)/income
for the period (net of tax)
Net (losses)/gains from changes
in fair value (0.1) (2.6) (2.7)
Total comprehensive income/(expense)
for the period 9.6 (2.6) 7.0
--------- --------- --------
Balance as at 30 June 2022 (Unaudited) 228.8 (2.7) 226.1
--------- --------- --------
Balance as at 31 December 2021
(Audited) 219.2 (0.1) 219.1
Profit for the year 15.8 - 15.8
Other comprehensive (expense)/income
for the period (net of tax)
Net (losses)/gains from changes
in fair value - (3.3) (3.3)
Total comprehensive income/(expense)
for the period 15.8 (3.3) 12.5
--------- --------- --------
Balance as at 31 December 2022
(Audited) 235.0 (3.4) 231.6
--------- --------- --------
Summary consolidated cash flow
statement
for the period ended 30 June 2023
30 June 30 June 31 Dec
2023 2022 2022
(Unaudited) (Unaudited) (Audited)
GBPm GBPm GBPm
Cash flows from operating activities 16.5 16.4 34.3
Changes in operating assets and
liabilities (103.6) 201.2 132.8
-------------- --- -------------- --- ------------
Net cash (used in)/generated by
operating activities (87.1) 217.6 167.1
Net cash flows used in investing
activities (13.8) (112.6) (159.2)
Net cash flows used in financing
activities (1.4) (1.4) (2.7)
-------------- --- -------------- --- ------------
Net (decrease)/increase in cash
and cash equivalents (102.3) 103.6 5.2
Cash and cash equivalents at beginning
of period 292.4 287.2 287.2
-------------- --- -------------- --- ------------
Cash and cash equivalents at end
of period 190.1 390.8 292.4
-------------- --- -------------- --- ------------
Notes
-- The financial information set out above, which was approved
by the Board of Directors on 26(th) July 2023, does not constitute
accounts within the meaning of the Building Societies Act 1986
-- The financial information for the year ended 31 December 2022
has been extracted from the Annual Report & Accounts for the
year and on which the auditors have given an unqualified
opinion
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