Newcastle Building Society said its savings balances grew 4% to £5.7 billion in the first half of 2025.

Newcastle is the largest building society based in the North East of England and the seventh largest building society in the UK, with assets of £6.6 billion.

“The first half of 2025 saw operating profit before impairments and provisions of £10.5m (HY 2024: £20.1m) and profit before tax for the group at £10.8m (HY 2024: £0.2m),” wrote Newcastle Building Society CEO Andrew Haig.

“Net interest and other income increased by 15% over the first half of 2025 demonstrating margin growth in the Member business, as well as growth in income in our Solutions business.

“Offsetting this were losses on instruments the group holds at fair value, which were impacted by the economic environment, as well as increases in costs relating to investment in our colleagues and non-colleague related costs, including investment in systems and infrastructure.

“The half year 2024 profit was impacted by our decision to offer voluntary support to Members who were affected by the actions and subsequent collapse of Philips Trust.

“A year on year comparison is further informed by underlying performance results: underlying operating profit for the group was £15.9m for the half year to 2025 (HY 2024: £15.6m), demonstrating the solid underlying business model that underpins the group.”