Yorkshire Building Society sees profits rise

Michael Lloyd

February 28, 2019

Yorkshire Building Society increased its pre-tax profit by 16% to £192.5m from £165.8m in 2017, its core operating profit by 13% to £180.8m from £160.2m in 2017, and its gross lending rose by 10% to a record £8.9bn from £8.1bn in 2017.

The society supported tens of thousands of people to secure a place they can call home, financing more than 36,000 mortgages, and increasing net lending by 60% to £1.6bn from £1.0bn in 2017.

Mike Regnier, Yorkshire Building Society Group’s chief executive, said: “It’s very pleasing that in a competitive market, which has seen margins under pressure, we’ve delivered a sustainable level of profit whilst also improving value for members.

“But it’s even more pleasing to know we’ve supported millions of people to achieve the financial goals which enable their life goals.

“As a building society, our members are our customers and our shareholders. We’re here to provide them with the financial tools they need to achieve the things in life they want – whether that’s buying their first home, saving to build financial resilience, or using their money to help the next generation.

“All of the money we make is either used to help our members, through higher than average savings rates, more flexible products and improved services, or kept within the Society to make us financially stronger and more resilient.

“Our year-on-year reduction in operating costs, along with improvement in the management expense ratio, shows that we’re becoming more efficient and giving our members better value for money.”

Yorkshire Building Society helped members to save for the future, opening 197,000 new accounts and growing savings balances to £29.6bn (2017: £28.9bn). The mutual paid savings account holders £100m in additional interest because its average savings rates were 0.37% higher than the market average.

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