Search

Disaffected bank customers are voting with their feet and switching to mutual societies, says Yorkshire Building Society boss

18:32 26 July 2012

Chris Pilling chief executive of Yorkshire Building Society

Chris Pilling chief executive of Yorkshire Building Society

Archant

Bank customers are voting with their feet and turning to mutual societies in the wake of recent scandals – the boss of Yorkshire Building Society said today.

Announcing its interim results, Yorkshire, which last year completed a merger with the Norwich and Peterborough Building Society, said pre-tax profits were £82.8m, up from £73.1m in June 2011, with its total mortgage balances growing to £27.5bn up from £27bn in December and gross mortgage lending up 58pc.

The society would not disclose how much of the profits boost was directly attributable to N&P but it said that the number of applications and enquiries for N&P’s Gold Current Accounts has increased by about 40pc since the recent banking scandals hit the media.

Chris Pilling, chief executive of Yorkshire Building Society, said scandals ranging from the Barclays and the fixing of Libor rates to lax money laundering controls at HSBC were helping to win business from disaffected bank customers.

And he said the strong performance reflected an “ambitious but prudent approach” to the business while Yorkshire also had no direct exposure to Eurozone economies.

2 comments

  • Let's hope that 'the Yorkshire' don't get too smug after all many N&P customers were 'disaffected' over their less than impressive advice and handling of the Keydata issue. If I recall correctly 'Which' also rated the security features of the N&P online account as being somewhere near the 'bottom end'. This is no time for complacency.

    Report this comment

    Jaguar

    Thursday, July 26, 2012

  • Very strange the N&P are getting more customers for its bank account services,as most people I know,including myself have moved accounts owing to N&P policy for charging £5 per month for low users

    Report this comment

    trodas5

    Thursday, July 26, 2012

The views expressed in the above comments do not necessarily reflect the views of this site

HOT JOBS

Show Job Lists

Insight

J&S Jewellery was launched three years ago by sisters Jenny and Sophie Laslett and is now turning over £1M a year. Photo : Steve Adams

When launching a jewellery business in late 2012, sisters Jenny and Sophie Laslett used some borrowed money and a spare room. After ordering a small batch from a manufacturer in the Far East, their only customers the first Christmas were friends and family.

Justice Secretary Liz Truss arrives in Downing Street, London, for the first Cabinet meeting of the new government. PRESS ASSOCIATION Photo. Picture date: Tuesday July 19, 2016. See PA story POLITICS Cabinet. Picture: Dominic Lipinski/PA Wire

It is always challenging to take on a job in an industry in which you have no experience, looking to learn on the job while leading.

Green 100

cover

Enjoy the Green 100
digital edition

Read

Mustard TV

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Shaun Lowthorpe

Business Publishing Editor

|

Sabah Meddings

Business Writer

|

Duncan Abel

Business Development Manager

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100

Business Most Commented

Newsletter Sign Up