2016 Interim Results
July 22, 2016
BANK RATE CHANGE
On 2 November 2017, the Bank of England announced that the Bank Base Rate would increase with immediate effective from 0.25% to 0.50%.
Yorkshire Building Society has today announced a robust first half performance for 2016, with core operating profit of £62.5m, profit before tax of £99.9m and assets totalling £39.6bn.
Remaining true to its mutual values, the UK’s second-largest building society offered savers better than market average rates and launched mortgages with some of the lowest rates available to UK borrowers, supporting more than 3,000 people to buy their first home. In highly competitive markets its savings balances grew to £29.4bn (31 December 2015: £27.9bn) and mortgage balances grew to £34.0bn (31 December 2015: £33.3bn).
The Society also retained its status as one of the UK’s most trusted financial services providers, consistently ranking in the top three for customer trust1 and achieved its highest ever Net Promoter Score® of +332 compared to the industry average of +83.
Chris Pilling, Yorkshire Building Society Chief Executive, said: “I'm pleased to report a robust financial performance during what remains a highly competitive and challenging market in line with our financial plans.
“We have continued to offer good long-term value to our 3.3m customers at the same time as achieving healthy levels of profit which maintain our financial strength and sustainability.
“As a member-owned organisation, providing outstanding customer service is a key priority and I am delighted that we have achieved record Net Promoter Scores® and that our customers consistently rate us as an organisation they can trust.
“In the first half of the year, against a backdrop of an unpredictable economic environment and competitive trading conditions, we have remained true to our mutual ethos, focusing on our core mortgages and savings business to help people buy the homes they want and to save for their futures.
“With market-leading mortgages we helped more than 3,000 people take the first step on the housing ladder and supported many more to own a home of their choice.
“Our savings rates have been on average 1.40% compared to the market average of 1.00%. Continuing to offer long-term value to our savers is a key priority. However, it is important that we also maintain rates that ensure financial sustainability and therefore are not out of line with the market.
“Despite the challenges the Society and other financial services providers may face as a result of economic and political uncertainty, we remain in a strong position to continue investing in, and growing our business on behalf of our members.”
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