Yorkshire Building Society results show further growth and more support for members

Yorkshire Building Society has announced strong results for the first half of 2025, growing its membership and balance sheet as it continued to help people save and buy a home.

The mutual continued to innovate to provide real help with real life by extending its ground-breaking £5k Deposit Mortgage to flats and, in the face of stamp duty increases, offering up to £6,250 cashback to help first-time buyers with the higher cost of buying a home.

The Society’s mortgage balances increased to £50.6bn in the period and, of more than 18,000 new residential mortgages provided, nearly 4,000 went to first-time buyers.

Savers opened 288,000 new Yorkshire Building Society accounts between January and June. They benefited from rates 0.63pp[1] higher than the rest of market average, meaning the mutual’s savers earned an extra £132.2m in the first five months of 2025 alone.

Its customers saved more than £1 million on their home insurance premiums, after just six months of a new, zero-commission partnership with Uinsure.

The mutual grew its balance sheet and increased income and profit compared to the same period last year, despite heightened competition in mortgages and savings, and interest rate reductions.

Financial highlights[2]:

• 288,000 savings accounts opened (2024 H1: 290,000)
• On average savers were paid 3.78% (4.21% over 2024), 0.63 percentage points above the market average (0.90 pp higher over 2024)
• Overall balance sheet growth £0.4bn (2024 H1: £2.9bn)
• Mortgage balances grew by £0.9bn (2024 H1: £2.0bn) to £50.6bn (2024: £49.7bn)
• Gross lending £4.3bn (2024 H1: £5.2bn)
• Provided 18,000 new residential mortgages (2024 H1: 23,000), with nearly 4,000 going to a first-time buyer
• Savings balances decreased by £0.3bn to £51.8bn (2024 H1: £2.6bn growth)
• Core operating profit was £215.4m (2024 H1: £149.2m)
• Statutory profit before tax £187.9m (2024 H1: £158.1m)
• Common equity tier 1 ratio 18.5% (2024: 18.1%)

After banks retreated from the mortgage market following the mini-budget in 2022 - with building societies accounting for all mortgage market growth in 2023 and three quarters of growth in the first part of 2024[3] - the Society’s share of the mortgage market has returned to a more natural level in 2025, amid heightened competition from other lenders. The mutual’s mortgage pricing reflected its commitment to sustainable growth and a measured approach that protects members’ interests.

While the savings market has also been competitive, and the Bank of England base rate has reduced, the Society has remained committed to helping customers improve their financial wellbeing, through purposeful products like its First Home Saver, to help those saving for a home deposit, and Christmas Regular Saver, an account opened by more than 12,000 people seeking to spread the cost of the festive season.

Susan Allen, chief executive of Yorkshire Building Society, said:

“As a building society, all the profits we make are reinvested for the benefit of our members and customers, into providing products that overcome real-life challenges, supporting our communities, and improving our Society.

“We are determined to help more people to find a place to call home and build their financial wellbeing, whilst deepening our relationships with our members and customers, and standing up for them on issues that matter, like keeping the current cash ISA limit.

Supporting community programmes that tackle hardship

“We are committed to funding local and national community programmes that tackle some of the main causes of hardship, giving people the skills they need to find work and get on a better financial footing.

“For example, our partnership with FareShare continues to change lives. So far in 2025, the programme has helped 659 people build skills for the future and since the partnership began 105 have gone on to secure paid employment.

“As cost-of-living pressures persist, there is increasing demand for the free, confidential appointments we offer with Citizens Advice in 44 of our branches. Advisers offer support to everyone, not just members, on topics like overcoming debt. So far this year, we have helped more than 3,000 people who together could be nearly £1.9m better off if they act on the advice given.

Investing significantly in our future

“I am delighted that our Net Promoter Score increased to +66 (2024 H1: +64), meaning even more of our customers would recommend us to their friends and family.

“We have begun our biggest ever investment programme: from improving processes and digital functionality to developing innovative products, we are driving shifts in the areas that make the most difference to our members and customers.

“Our plans will ensure we grow the business safely and sustainably, protecting members’ interests and investing in our Society. As we do this, we will help even more people build financial resilience and find a place to call home.

“While we can expect economic uncertainty to persist, our strong levels of capital and liquidity, and investment in our future capabilities, mean we will continue to support our members, customers, their families, and our communities, now and in the future.

“I am proud to lead such a strong and purposeful business with a clear focus on delivering value to our members. My team and I remain committed to helping members and customers achieve their life goals, and ensuring the Society provides real help with real life for generations to come.”