The building society, which is the UK’s second largest, achieved a record core operating profit of £185m, an increase from £179m the previous year.
Continued investment in the business remains important for the Group, who will carry on delivering significant improvements for customers.
Furthermore, the Group continued to help thousands of people buy their own homes with gross mortgage lending totally £6.0bn and 160,000 new savings accounts opened, despite a year when competition in the mortgage and savings market intensified.
Chris Pilling, Yorkshire Building Society Group’s Chief Executive, Chris Pilling, 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.”
Although the competitive environment is expected to remain strong, the Group claim to be in well placed to face challenges and make the most of opportunities in the coming year.