Record performance at Yorkshire Building Society

A RECORD performance across several areas of the business contributed to a strong financial performance at Yorkshire Building Society.

The group, which is 150 years old this year, employs 2,700 people across Yorkshire and the Humber, which accounts for about 60% of the total workforce.

Although pre-tax profits fell by 5.5% to £188.2m, this was affected by non-core items and the group highlighted the 18% increase in its core operating profit to a record £178.8m.

It provided mortgages to 8,200 first-time buyers – up 9%, to a record level – among the 34,800 mortgages it completed, as it lent £7.6bn during 2014.

The group also retained its strong capital position, increasing its total capital ratio to 16.1%.

Chris Pilling, Yorkshire Building Society Group’s chief executive, said: “These results reflect our qualities as a modern mutual. We offer customers long-term value and excellent service while strengthening our financial security and ability to invest for the future.

“Our passion for customers is reflected in the 34,800 mortgages we completed during the year – including a record 8,200 to first-time buyers – and the competitive return we provided savers which beat the market average.

“I am proud that in our 150th anniversary year we continued to deliver on the fundamental aims of our founding fathers – to help people save for the future and buy their own home. Further investment in our technology, digital capabilities and branch and agency network is designed to help us continue to deliver long-term value for our customers over the next 150 years too.”

During the year the group raised nearly £2m for charity in addition to contributing 10,000 hours of time by its workforce.