Yorkshire Building Society has announced its annual financial results, showcasing substantial growth in both savings and mortgage sectors amidst a challenging market.
The Society saw a record number of savings accounts opened last year, with savers benefiting from interest rates 1.01 percentage points above the market average, translating to an additional £441.1m in interest paid.
Despite a nearly 30% drop in mortgage lending across the market, the Society’s mortgage balances increased to £46.8bn, evidencing its commitment to helping people secure homes and improve their financial well-being.
This aligns with the mutual’s ambition and is complemented by significant investments in digital channels, enhancing customer experience and boosting the Society’s Net Promoter Score to +61.
Susan Allen, chief executive of Yorkshire Building Society, said: “As I complete my first year as chief executive, I am proud to lead such a strong and sustainable organisation focused on supporting its members, customers, and communities.”
She highlighted the Society’s success in increasing its market share in a diminished mortgage market and its dedication to first-time buyers, with one in three new owner-occupied mortgages going to this group.
The Society’s savings balances grew to £47.1bn, attributed to offering rates on average 1.01 percentage points higher than the market, resulting in £441.1m additional interest paid to savers. “As a mutual, we don’t have external shareholders so we can return more to our members,” Allen emphasised, underlining the benefits of the mutual model.
In mortgages, the Society’s focus has been on supporting borrowers through innovative products and proactive engagement with customers facing interest rate increases. Allen also pointed out the Society’s community support efforts, including its partnership with Citizens Advice, which offers free, confidential advice in 40% of its branches, and its new charity partnership with FareShare aimed at combating food poverty.
