High mortgage lending and strong savings performances have allowed Yorkshire Building Society to generate pre-tax profits of £502m.
The mutual said gross mortgage lending for 2022 had matched levels of £10.3bn seen last year and that its team had been able to adapt to volatility in the market. Meanwhile net lending reduced from £3.6bn to £3bn in 2022. Yorkshire Building Society told the London Stock Exchange that it had strong savings book growth across the year, and net interest income was £724.1m, increasing £186.7m year-on-year.
Significant market disruption towards the end of the year was noted and the society said challenges - such as the cost-of-living - were likely to remain with uncertainty over how inflationary pressures would impact the housing market from now on. Nevertheless, the year's performance was said to have bolstered the society's financial position with the profits supporting capital reserves that would provide resilience in any future economic shock or downturn.
