We recently announced our financial results for the six months ended 30 June 2018.
- Strong mortgage growth: Gross lending of £4.6 billion and net lending of £1.5 billion for the first half of 2018. The Society’s mortgage balance is expected to have grown by more than three times the rate of the market for the 12 months to 30 June 20181.
- Savings growth outperforms market: Savings balances increased by £0.4 billion in the first half of 2018 taking overall deposits to a record £31.4 billion. In the 12 months to 30 June 2018, the Society’s savings are expected to have grown by more than twice the rate of the market1.
- Giving value to members: The average weighted savings rate paid to members was 1.53%, 0.76% higher than the average paid in the market (31 December 2017: 1.49%, 0.72% higher than the market)2.
- Delivering the right member outcomes: The Society’s overall Net Promoter Score increased to +753 (31 December 2017: +73), supported by low and falling complaints and one of the lowest overturn rates at the Financial Ombudsman Service4.
- Leading cost efficiency: At 0.46%5 the Society continues to report the lowest cost to mean asset ratio of any UK building society6, whilst investing significantly in its technology infrastructure and branch network.
- Low risk: Loans where arrears were greater than 2.5% of the balance fell further to 0.12% compared to the market average of 0.77%7 (31 December 2017: 0.13% compared to the market average of 0.78%).
- Increased capital and liquidity strength: Common Equity Tier 1 (CET 1) ratio increased to 35.5% (31 December 2017: 34.9%) and remains the highest reported by any top 20 UK lender8 whilst the Society’s leverage ratio on a UK modified basis has been maintained at 4.6% (31 December 2017: 4.6%). The Liquidity Coverage Ratio of 177% (31 December 2017: 208%) remains considerably above the minimum requirement.
- Leading employee engagement: The Society was rated ‘Outstanding’ for employee engagement and as one of the 100 Best Companies to Work For in the UK 9.
- Supporting communities: 78% of staff have been actively involved in the Society’s community programmes over the last 12 months, and its work in schools was recognised by Business in the Community with its Education Partnership Award.
- Source: Bank of England - latest published data as at 31 May 2018.
- The Society’s average month end savings rate compared with the Bank of England average rate for household interest bearing deposits on the Society’s mix of products for the first five months of the year.
- Net Promoter®, Net Promoter Score® and NPS® are trademarks of Satmetrix Systems, Inc., Bain & Company, Inc. and Fred Reichheld. NPS of +75 is a calculated average from six surveys: branch survey of 8,193 customers, savings contact centre survey of 9,412 callers, mortgage contact centre survey of 971 callers, online survey amongst 2,225 users, opening a savings account survey of 2,447 customers and a survey amongst 1,003 brokers.
- Source: Financial Ombudsman Service - latest published information: 1 July 2017 to 31 December 2017.
- Administrative expenses, depreciation and amortisation/Average total assets.
- As at 26 July 2018.
- Source: Prudential Regulation Authority latest available information as at 31 March 2018.
- Source: UK Finance, 2017 top mortgage lender (balance outstanding) latest published CET 1 data as at 26 July 2018.
- Source: Best Companies Limited as at 31 December 2017.
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