Yorkshire Building Society 2015 Financial Results
25 February 2016
Yorkshire Building Society Group has today announced a strong financial performance in 2015 as it continues to provide a trusted alternative to the big banks.
The UK's second largest building society achieved a record core operating profit of £185m and further improved its strong capital position while continuing to invest in the business and deliver significant improvements for customers.
During a year when competition in the mortgage and savings markets further intensified, the Group continued to help thousands of people to buy their own homes with gross mortgage lending totalling £6.9bn, and to save for their futures with over 160,000 new savings accounts opened.
I am happy to report another strong set of financial results and am pleased with our achievements during what has been a challenging and competitive year in the financial services industry.
Interest rates have remained at historically low levels for mortgages and savings customers and competition within the market has become even more intense. As a result, during the year we proactively reduced our lending and funding targets to reflect our commitment to long-term financial sustainability whilst continuing to offer extremely attractive mortgage and savings products. This included launching our lowest ever fixed rate mortgage and helping customers save for their futures with the opening of 166,000 new savings accounts.
Our commitment to put customers at the heart of everything we do continued to help us work towards our vision of becoming the UK’s most trusted provider of financial services. Not only did we retain our position in the country’s top three most trusted financial service providers for most of the year, we reached 27th in a national customer experience survey of nearly 300 UK consumer brands, having improved 38 places in the past three years.
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. To date, we have refurbished 73 branches, streamlined a series of key processes to make life easier for customers and made a number of improvements to our digital channels giving quicker and simpler access to our services.
As part of these developments we have recently announced plans for the future of our branch network which will create more flexibility and choice for our members nationally whilst delivering greater efficiencies.
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. By focusing on our mutual values, we will continue to maintain the right balance between delivering financial strength and security, providing great value and excellent service to our members and investing in the business for future growth and success.
Appendix 1: (166 KB) containing
1Presswatch Financial from Kantar Media
2Average rates based on Savings stock from CACI’s Current Account and Savings Database (CSDB), currently covering 85% of retail savings market (based on stock value). Data as at 31 October 2015
3The way NPS® is measured changed during 2015 so comparable 2014 NPS® data is unavailable
4Nunwood Customer Voice Programme, 12 month score, January to December 2015, based on interviews with 28,329 customers
5Nunwood Consulting - Nunwood Customer Experience Excellence Centre Top 100 UK Brands 2015
6YBS Brand Tracker, conducted by YouGov
7Nunwood Consulting - Nunwood Customer Experience Excellence Centre Top 100 UK Brands 2015
Small Change Big Difference® is a registered trademark of Yorkshire Building Society.
Net Promoter®, Net Promoter Score®, and NPS® are trademarks of Satmetrix Systems, Inc., Bain &Company, Inc., and Fred Reichheld.
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