YBS announces 2012 results
The Society’s also revealed an increase in new mortgage lending which was up 12% in 2012 to £4.6bn from £4.1bn in 2011.
First-time buyers accounted for 38% of all house purchase mortgages and mortgages above 85% loan to value made up 10.7% of all new lending in 2012.
Chris Pilling, Yorkshire Building Society chief executive, said: “I am delighted with the whole Group’s solid performance in my first full year as Chief Executive.
“We are now embarking on another important phase in our growth.”
Piling went on to outline plans for a £160m investment over the next five years to improve back-office infrastructure and staff development and enable us to meet customers’ needs more quickly and robustly.
“Ultimately, this investment will support our commitment to our members and further contrast the Yorkshire with the many financial services providers which have scaled back lending, closed branches or walked away from providing face-to-face financial advice.
“These remain tough times for borrowers and, in particular, savers who have to contend with record-low interest rates.
“We remain committed to serving both of these parts of our membership, with a focus on their immediate priorities and our desire to provide long-term, reliable value.”