Newcastle Building Society said its gross mortgage lending for 2o21 was £861 million and net core residential lending was £330m compared to £645 million gross and £228 million net in 2020.

Profit for the year before taxation increased significantly to £29.1 million from £1.4 million.

Newcastle Building Society CEO Andrew Haigh said: “The combined commitment and participation of colleagues, members and communities has not only delivered a highly successful financial year, it has put us in a strong position for 2022.

“While we all remain hopeful that 2022 will be the year when we see the Covid-19 pandemic reduce its impact on our day to day lives, it is clear that our customers and communities will face many new challenges in the years ahead and internationally, events in Ukraine are a new source of concern for all.

“However, the resolve and determination of our colleague team, along with our investment in the society’s capabilities and infrastructure, will ensure we can continue to be there for our members in the ways and places they need us to be.

“We will continue to compete with the best; and in so doing, deliver a stand out regional building society, committed to delivering its purpose and serving its members within and beyond our region.”