Yorkshire Building Society Group (YBS) has revealed a deep financial performance for 2017 by using a 9% improvement in pre-tax profits to 165.8 million despite a “competitive market”.

Moreover, the mutual reported a 25% increase in core operating profit to 160.Two million C up from 128 million in 2016.

The Group supported thousands of people in homeownership, financing much more than 36,000 house loans, increasing gross mortgage lending by 13% to the record 8.1 billionn (2016: 7.2bn) and net lending by 46.5% to 1 billionn (2016: 0.7bn).

It supported members in preserving with regards to futures, opening 193,000 new accounts and increasing savings balances to 28.9bn (2016: 28.7bn).

“I’m delighted to be reporting a solid financial performance for 2017, despite an extremely competitive market and continuing wider economic uncertainty,” said Leader Mike Regnier.

“We’ve continued to fulfil our core intent behind helping people achieve their key financial targets, whether that’s investing in a home, saving for today, or leaving a legacy for the generation.

“Our technique to target our core business areas has generated adjustments in how you would operate. Even as we announced in 2017, we’re making changes in our brands and street locations, and therefore are withdrawing through the current account market.

“We believe these changes, which are placed in 2018, are vital in ensuring the Society is well-positioned for future years so that we can easily still provide good long-term value for our members.

“It is crucial that any of us turn into more potent building society, and also the year-on-year lowering of operating costs, in addition to improvement from the management expense ratio shows the progress we are making.

“We exist that can help our members using financial objectives, so continual improvement in our services is fundamental to all of us. The elevated center on our core businesses of mortgages and savings has helped us on this aim, illustrated through the year-on-year boost in customer advocacy.

“We will keep to prioritise improving support services and delivering good long-term value to our own membership and keep financial strength.”

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