Its operating profit was £67.9m up 7.6%, with record lending of £2.9bn, for the half year plus 73%. All three lenders within the group, Britannia, Platform and the commercial lending department, delivered first half figures.
Quality of lending remains high. Just 4.4% of group residential lending for the half year was at more than 90% LTV with the average mortgage LTV at just 66%. 94% of lending is at multiples of 3.5 times salary, or less, minimising the risk of bad debt.
Britannia Group chief executive Neville Richardson says: “These strong results show we are competing effectively in our target markets and can deliver good performance for our members in this low margin environment.
“Maintaining healthy profit levels and investing in service while keeping margins low and products competitively priced shows that our unique mutual model is working for our members.”