Newcastle Building Society said on Wednesday that “despite a very competitive mortgage market and weak mortgage market growth” its gross residential mortgage lending was maintained at £520 million in 2018, down from £535 million in 2017, with net residential lending falling to £160 million from £220 million.

Profit before tax edged higher to £13.3 million from £13.1 million.

Newcastle Building Society CEO Andrew Haigh said: “2018 has been a significant year of change and progress for Newcastle Building Society. 

“We have seen our highest growth in income compared to recent years, increasing profitability and growth in our member base.

“Whilst economic uncertainties may continue, we will maintain our focus on investing in our business, our colleagues and our communities to build a strong regional building society that is recognised for making a genuine difference to people and communities across the North East.”