Its latest annual results show the building society had total assets of £3.6bn at the end of 2021, with the group making a pre-tax profit of £15.1m.

Nottingham BS said one of its priorities for 2021 was to return to a strong level of financial performance so the mutual could continue to invest in and grow in line with its long-term plans.

A buoyant mortgage market has helped its deliver on these objectives. The annual result show that new mortgage applications rose by 22% on 2020 figures, supporting an increase in net interest income of 13% to £45.9m, with underlying income rising 11% to £49m.

Nottingham said over this period arrears remained at a very low level, at 0.21%,  a quarter of the industry average of 0.83%.

Nottingham BS said that over the last year it changed the way it offers mortgage advice, with new partnerships with both Mortgage Advice Bureau (MAB) and Belvoir. It said this combined MAB’s mortgage network and digital capability, with Belvoir’s high-street based advisors. However, its members can continue to still speak to advisors at their local branch.

The mutual has also looked improve its digital offering with its new ‘Beehive Money’ app, which is offered to new customers, including the 55,000 customers opening a Lifetime Isa. Nottingham BS said 80% of these Lifetime Isa customers were using this account to save for a deposit on their first home. This app also offers digital mortgage advice through its Marketplace service.

The annual results show the building society had £2.5bn in branch saving deposits, across 48-high street location in nine counties.

Nottingham BS chief executive David Marlow says that these results come after a challenging 2020, with the society dealing with the economic uncertainty of both Brexit and Covid. He says: “Whilst the challenges of the pandemic remain, I am delighted to report good progress on the development and delivery of our strategy, as well as a return to strong financial performance providing the platform for continued investment and growth.

“We enter 2022 financially strong and confident that the changes we are making to reinvent the Society are the right ones ensuring that we have a relevant and vibrant future.”

Marlow is stepping down as chief executive of the society after 10 years in the role. He will be replaced by Sue Hayes, who was previously chief executive of GB Bank, and has had senior roles at both Aldermore and Barclays.