A MUTUAL says it will continue marrying the old with the new to satisfy customers’ varied desires after doubling profits and welcoming 10,000 new savers – but warned it won’t underestimate economic pressures.

Newcastle Building Society today (Thursday, July 27) revealed sustained demand in the first half of the year helped bolster its mortgage and savings divisions.

The progress comes after the business launched a multi-million pound programme to revamp branches and its online presence, bought its Cobalt Business Park headquarters in North Tyneside and confirmed to The Northern Echo its intentions to create 130 jobs this year.

Andrew Haigh, chief executive, said he was delighted with the first fruits of its labour, saying he has been pleased with customer take-up of services aimed at meeting an ever-changing market.

However, he added the mutual will not get ahead of itself, saying that while its latest financial figures are strong, lingering economic headwinds could still blow across its path.

According to the company’s six monthly results, pre-tax profit more than doubled from £3.5m to £7.2m, with savings balances increasing by £120m as 10,000 new customers joined.

Mortgage borrowing was also healthy, with gross lending to homebuyers up from £255m to £303m.

Mr Haigh told the Echo: “We are very happy with the results and the society is growing and expanding.

“We have been investing a lot, in IT and people development, as well as our commitment to our Cobalt site, and these result affirm the work that has been going on behind the scenes.

“There are lots of things going on and the benefits are tangible for members across the region.”

Mr Haigh said the mutual would go on investing in its branch network and overall service package, highlighting a previous switch of offices in Darlington and planned improvement of a Durham City base to retain a sense of the tradition for customers.

He also admitted it was keeping an eye on potential expansion of a decision to create a library-based mutual in Yarm, near Stockton, which has gone well.

However, he reiterated a need to stay wary of any economic changes.

“Face-to-face advice and help, and having a presence in the community, is something we see as being really important”, said Mr Haigh.

“We are absolutely committed to that network.

“We think we have the right mix of services for people and are pleased to see that starting to come through.

“The reception from the people of Darlington and the enthusiasm over what we have done there has been great.

“Yarm is a very different concept but that kind of opportunity is something we are really keen to explore and there maybe things that come up in the mid-term.

“We are in a world where we just have to be mindful that there are a lot of different pressures and potential headwinds on the economy.

“Things can change quickly but we have had a good, strong start to 2017”.

Mr Haigh added the mutual, which was last week named best regional building society in the What Mortgage Awards, has made grant donations worth £78,000 through its community foundation over the last 12 months.

Support has included backing for a Durham lunch club tackling social isolation.