Your Society's Annual Results 2014

Throughout our 162 year history, we’ve remained true to our mutual roots of supporting savers and borrowers. And over the last twelve months we have continued to safeguard members’ interest by offering competitive products, delivering first rate service, and ensuring the long term strength of our business.

Your Society is in very good financial health; we have an unwavering focus on ensuring we deliver the best possible service for you. Here’s some of our key performance highlights from the last year.

Building a stronger, growing and better Society

  • We welcomed 31,276 new members to the Society, taking our overall membership to 794,739;
  • The competitiveness of our products was illustrated by our total savings balances growing by £1.2 billion to £11.4 billion and our mortgage book growing by £1.3 billion to £12.7 billion, both rates of growth being significantly above market share;
  • This strong growth in membership, savings and mortgage balances has helped generate a Group profit before tax of £181.6 million. With no shareholders, this money is available to be invested in our business for the benefit of our current and future members.

Unwavering focus on members

  • Last year we launched a new retirement review service seeing over 200 colleagues across our branch network receive specialist training to support members in planning for their lives ahead. We also helped 3,111 customers leave their legacy through providing free wills – saving them hundreds of pounds;
  • What’s more, a savings loyalty product was launched in 2014 to offer our existing members even more competitive deals. And our rapid response to the Chancellor’s Budget announcement last year meant we became the UK’s first savings provider to be NISA ready for our members;
  • Over the last year we’ve also offered a range of award winning and competitive products, generating 804 independent national best buy mentions. Accolades we won include being voted Best National Building Society in the What Mortgage Awards, Best Junior/Children’s Savings Provider in the Personal Finance Awards, and Best Service from a Buy To Let provider in the Business Moneyfacts Awards.

Striving to give the best possible service

We continue to strive to provide the best customer service we can, and last year our ongoing efforts were recognised on a national level. The Society outshone some of the UK’s top multinational companies finishing 13th out of 263 organisations for customer experience excellence.

In doing so, we became the third best bank or building society in the UK for the level of excellent service we provide. This reflects the tremendous efforts we’ve made in listening to our members and responding to their needs, through initiatives such as our Customer Panel and forums.

Our No Pressure Promise, which highlights a commitment to give customers the time, space and support to make the right decision for them, was developed directly as a result of customer feedback.

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