Rise in pre-tax profits for YBS despite competitive market

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Yorkshire Building Society Group (YBS) has revealed a very good financial performance for 2017 by using a 9% surge in pre-tax profits to 165.8 million despite a “competitive market”.

Moreover, the mutual reported a 25% increase in core operating profit to 160.Two million C up from 128 million in 2016.

The Group supported many individuals in homeownership, financing a lot more than 36,000 home loans, increasing gross mortgage lending by 13% towards a record 8.1 billionn (2016: 7.2bn) and net lending by 46.5% to 1 billionn (2016: 0.7bn).

It supported members in saving for his or her futures, opening 193,000 new accounts and increasing savings balances to 28.9bn (2016: 28.7bn).

“I’m glad to be reporting a powerful financial performance for 2017, despite an incredibly competitive market and ongoing wider economic uncertainty,” said Us president Mike Regnier.

“We’ve continued to fulfil our core function of helping people achieve their key financial targets, whether that’s the purchase of a home, saving for today, or leaving a legacy for one more generation.

“Our solution to concentrate on our core business areas has ended in adjustments in how you operate. Once we announced in 2017, were making changes to your brands as well as street locations, and therefore are withdrawing within the current account market.

“We believe these changes, that is carried out 2018, are necessary in ensuring the Society is well-positioned into the future and then we might as well provide good long-term value to our own members.

“It is vital that many of us develop into a more potent building society, additionally, the year-on-year reducing of operating costs, in addition to improvement inside management expense ratio shows the progress we’re making.

“We exist to help our members using their financial objectives, so continual improvement of our services is prime to us. The elevated concentrate on our core businesses of mortgages and savings helps us in such a aim, illustrated by way of the year-on-year rise in customer advocacy.

“We will keep to prioritise improving customer service and delivering good long-term value to the membership and keep financial strength.”

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