Yorkshire BS lending drops 9%

In its full year results, the Society announced "record core operating profit" of £185m, but a drop in profit before tax from £188m in 2014 to £173m.

Chris Pilling, Yorkshire Building Society Group’s Chief Executive, said:

“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.

“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.”