West Bromwich Building Society in £13m loss

West Bromwich Building Society today revealed losses of more than £13 million — but insisted the future is bright as it prepares to move to a new headquarters.

The society, which was brought to the brink of break-up with a £48.8m loss in 2009, said that savers could now look to the future with "real confidence".

Pre-tax losses at the society for the last 12 months were £13.1m, a 29 per cent cut from the £18.5m loss a year ago.

It comes as the society bids farewell to the man who steered it through the biggest crisis in its 162-year history.

Robert Sharpe, who left last night, was parachuted in to rescue the ailing society, negotiating a £182.5m financial bail-out with the Financial Services Authority.

He also launched the society's Back to Basics strategy, getting out of loss-making commercial property and returning to home loans and savings.

Today new chief executive Jonathan Westhoff, brought in as finance boss by Mr Sharpe, said: "The West Brom has maintained good progress over the past year."