Member Article

Across the board record results for Yorkshire building societies

Yorkshire, Skipton and Leeds Building Societies have all reported growth this year.

• Yorkshire Building Society reported a core operating profit of £152.0m, an 11% increase on 2012: £137.2m.

Yorkshire Building Society is the UK’s and record profit before tax of £199.3m at the same time as delivering tangible improvements for customers through investment in products and services.

Chris Pilling, Yorkshire Building Society Group’s Chief Executive, said: “I am delighted to present an outstanding set of financial results for the Group and am very proud of our achievements in 2013.

“We lent £6.8bn in 2013 and helped thousands of home buyers and remortgage customers by offering more best-buy mortgages than any other provider4.

“That included our lowest ever fixed rate mortgage and support for first time buyers by launching the biggest range of 5% deposit mortgages available in the UK.

“Our capital and liquidity positions remain very strong and our overall financial performance puts us in an excellent position to maintain our growth as an organisation, which now includes our new office in the centre of Leeds in addition to our sites in Peterborough, Cheltenham and our principal office in Bradford where a significant refurbishment is underway.”

• Leeds Building Society’s pre-tax profit rose by 18% to a record £64.2m.

They attracted 71,000 new members, taking total membership to a record 714,000 (696,000 in 2012)

Leeds Building Society Chief Executive Peter Hill said: “I am particularly pleased that in our core markets of savings and mortgages we increased our market shares significantly, and our membership numbers are at an all-time high.

“As a member owned building society, our business model is built on providing security and value for savers and helping more people to buy homes.

“In particular, we have brought award-winning innovation to the mortgage market with our unique Welcome Mortgage, and introduced the UK’s only 10-Year Monthly Income Bond paying 4%, with a capital guarantee, for savers.”

• Skipton Building Society’s pretax profits rose to £102.5m, an increase of £67.1m, from £35.4m in 2012

Group Chief Executive David Cutter said: “2013 was a great year for Skipton Building Society. We continue to balance improving the financial strength of the Group with prioritising the needs of a growing number of members.

“We delivered strong profits and further strengthened our capital; and the Society is now in robust health after a difficult trading environment in recent years.

This was posted in Bdaily's Members' News section by Clare Burnett .