Yorkshire Building Society has reported that mortgage balances for 2022 increased to £43.7bn from £41.9bn the year prior.
The building society’s annual results showed strong trading performance in both mortgages and savings for 2022.
Statutory profit before tax was £502.5m up from £320.0m in 2021, and core operating profit was £425.6m an increase from £297.3m the previous year.
The building society grew both sides of the balance sheet to 31 December 2022, with net lending of £3.0bn, down from £3.6bn in 2021, while savings deposits increased by £6.5bn.
Yorkshire Building Society interim chief executive Alasdair Lenman says: Our appetite to help people have a place to call home further strengthened our mortgage book too and despite the absence of any government initiatives seen previously and the turmoil that followed the mini-Budget, we saw record mortgage applications in May with overall mortgage balances increasing to £43.7bn during the year.”
“Such growth and sustained strength in our financial performance mean we’re able to reinvest profits in our ambitious transformation programme, which has continued at an efficient pace to better meet the needs of members and customers both now and in the future.”
“Improvements to our digital journey, for example, have helped to increase our customer satisfaction.”
Lenman also announced that from today (2 March) he will hand over to the society’s new chief executive officer Susan Allen.
He says he is “confident that the society is in a strong financial position to deliver continued long-term value and exceptional service, a combination that has never been more needed as we help our members and customers navigate the current economic climate”.
