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West Bromwich anounces record results

The West Bromwich has delivered record business results for the seventh consecutive year, with lending up 55% to £1.6bn.

The results show the society&#39s growth rate is up 17% to a record £5bn assets; group pre-tax profits up 11% to a record £30.6m; net saving balances up £249m and mutuality benefits of £25m passed on to members.

West Brom says the extra value delivered is demonstrated through the society&#39s interest rate margin which, at 1.17%, is lower than many rivals.

It adds that by meeting the needs of members, the society&#39s growth in retail balances was 56% and mortgages 80% above market share.

Andrew Messenger, chief executive at West Brom, says: “Given the background of increasing uncertainty and change that has marked the financial services sector over the past 12 months, I am delighted that the West Brom can claim another superb all-round performance, breaking previous records and setting new standards to beat.

“Our emphasis over the next few years will be on process and efficiency improvements to minimise running costs. We will also continue to meet more of our members&#39 financial needs. Developing existing subsidiary operations and new business acquisitions will also be important in generating a greater level of profit.”

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