Yorkshire Building Society posts £297m profit

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This compares to a core operating profit of £170.5m in 2020.

The lender adds it issued 75,732 mortgages in 2021, compared with 72,172 in 2020, for a total of £10.3bn in new financing – of which £3.6bn went to first-time buyers.

This helped mortgage assets grow from £38.8bn to £41.9bn in 2021, the highest in YBS history.

It said mortgage approvals fell in October after the end of the stamp duty holiday but recovered to above pre-pandemic levels by the end of the year.

Stephen White, interim CEO of YBS, says: “Our mutual model has helped us achieve record savings and mortgage balance sheets, allowing us to both increase our savings rates and help a record number of first-time buyers.

“The strength of our mortgage book has helped us support borrowers facing serious financial difficulties and release some of our reserves at a time of rising property prices.

“At the same time, continued work to improve the efficiency of the company and reduce costs, alongside good business judgment and discipline, has resulted in core operating profit increasing to £297.3m, which in turn allows us to increase our capital and reserves and reinvest the long-term.

“All of this was only possible thanks to the hard work and dedication of our highly dedicated colleagues and I am extremely proud and grateful to each and every one of them. They have worked tirelessly in 2021 to meet every challenge and support our customers and once again their resilience has been outstanding.”

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