Newcastle Building Society employs about 1,200
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Newcastle Building Society has reported an increase in profits - despite the global credit crisis which has hit troubled bank Northern Rock.
On Tuesday, the building society announced its pre-tax profits rose by 52% to �17.6m last year.
The society said a merger with the Universal Building Society and improved lending figures had helped it during a "turbulent" financial market.
More than 200 new jobs were also created by the society in 2007.
Chief executive Colin Seccombe said: "I am delighted to report very strong results for 2007.
"Despite market turbulence in the second half of the year, the Group has shown real progress in all parts of its business."
The society's gross lending exceeded �1bn for the first time last year and its total assets also increased by 9%.
Fellow North East financial institution Northern Rock was nationalised last week.
The global credit crunch coupled with a failed business model have been blamed for the bank's troubles.
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