“Trusted alternative” to banks faces intense market conditions
YORKSHIRE BUILDING SOCIETY’S has been affected by competitive markets as well as an investment programme in its branches.
Pre-tax profits dipped to £173.3m in the year to 31 December 2015 from £188.2m the year before. Operating profits reached £185m, up £6m on the year before.
The building society achieved gross lending of £6.9bn down from £7.6bn in 2014 and net lending of £1.1bn, down from £2.6bn in the year before.
In January it YBS announced that it would be closing 22 of its 230 branches, with 13 jobs at risk.
However they have also invested in the refurbishment of 73 branches.
Chris Pilling, Yorkshire Building Society Group’s chief executive, said: “Our significant investment programme, which we launched in 2012, is aimed at further enhancing our systems, products and branch and head office sites and will deliver sustainable benefits for our customers and our people.
“We do not expect the competitive environment to become any less intense this year but we are well placed to face these challenges and make the most of the opportunities in the year ahead.”
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