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Chief Executive's Report 2010

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Chief Executive's Report 2010 Chief Executive’s report The highlights of the Society’s performance include: “excess” was managed down in line with the • return to profitability; statutory operating profit reduced requirements of the enlarged Group; £115m (2009: £12m loss) and core operating • maintained asset quality; the percentage of loans profit (see table below) of £128m (2009: over three months in arrears by volume was Iain Cornish £8m), representing a continuation of the trend stable at 1.84% (31 December 2009: 1.84%); reported at 30 June 2010; Our vision and strategy • wholesale funding; the issuance of a €600m five year covered bond in September supporting Our vision is “to be the best organisation that our For many decades the Yorkshire has been run with Core operating profit our balanced funding strategy; customers do business with”. the interests of current and future members very In addition to statutory profit before tax, the Board uses core clearly at its heart. The vast majority of the Society’s operating profit to monitor the Group’s performance. This is • performance of the Chelsea brand ahead We aim to achieve our vision by providing our because the statutory figure includes a number of items that activities have been centred on lending to people the Board believes do not reflect the longer-term, sustainable of expectations; delivery of planned merger members and customers with financial security to allow them to own their own homes, funded business performance either because they are pure accounting synergies and integration well advanced; and long-term value across a comprehensive range measures (e.g. negative goodwill), are one-off in nature (e.g. largely by the savings of individual members. A integration costs) or are timing differences that reverse over time of mortgage, savings, investment, insurance and great deal of our business continues to be delivered (e.g. fair value adjustments). • on a like-for-like basis achieved a management share plan products backed up with excellent 2010 2009 expenses ratio of 0.51% after adjusting for face to face through our expanding branch network. £m £m personal service. the impact of the merger (31 December 2009: The cautious approach we have adopted through Statutory profit before tax 115 (12) Our members tell us that they support us in 0.54%); and the worst financial and economic crisis in a Reverse out the following our ambition; 9 out of 10 respondents to our generation has left us in an extremely strong items: • improved ratings position; ratings agency regular customer surveys tell us that they would Standard & Poors revised its outlook on position to move ahead and meet the desire of Fair value movements 10 10 recommend us to their family or friends. the Society from “negative” to “stable” in consumers for a trusted provider who puts their Sale of assets/Other income 1 1 November in recognition of the progress made Our strategic priorities represent the areas in interests first. This approach does not mean we are Non core provisions: in managing our integration of Chelsea and the which the Society is investing additional resources stuck in the past. We have rapidly expanded our a) Structured credit 5 1 expected improvement because they are the things that will provide the internet and telephone-based services. We have b) FSCS 4 3 in our financial most significant contribution to the achievement of also taken opportunities to develop the Group, for c) Other liabilities - (2) our vision, and include: example, in the last three years we have merged position. Negative goodwill (17) - • delivering an exceptional customer experience with the Barnsley Building Society and the Chelsea Merger costs 10 7 The financial across all of our brands and distribution channels, Building Society. In both cases we have deliberately performance Core operating profit 128 8 building on our already strong position; chosen to retain their brands and also their branch and the strong • maintaining a high level of financial strength networks, because we believe they are valued by delivery and stability. This includes offering interest their members and because it enables the Group • net interest margin restored; 1.03% (2009: against our rates which are attractive, but crucially are to reach the broadest possible membership and 0.65%); other strategic offer customers the widest range of products and also sustainable, maintaining a strong funding • increased total assets; total assets increased year priorities combined position and cost efficiency combined with services, as well as providing them with real choice to significantly in how they do business with us. on year by 32% to £30.1bn (31 December 2009: effective risk management and corporate £22.7bn) as a result of the Chelsea merger; improve the Society’s governance; Financial strength position and its long- • increased members’ balances; retail savings • ensuring our people are well trained, fairly We are pleased to be able to report a strong set term capacity to prosper increased by 55% to £21.4bn (31 December and deliver benefits rewarded and committed to delivering for our of results for 2010 which have enhanced the 2009: £13.8bn); members; resilience of the Society. This was delivered against to members • capital strength; core tier 1 capital ratio 12.4% in the • continually improving our administrative a background of continued weakness in the UK (31 December 2009: 12.2%) re-built to pre- future. processes and systems; and economy and the housing market; and during a year which combined significant “business as merger levels following the reduction that • looking ahead and seizing opportunities; usual” challenges with the challenge of integrating initially occurred as a result of the merger. This innovating to improve delivery of benefits Chelsea Building Society into the Yorkshire’s has been delivered well ahead of plan; to members and, in the right circumstances, operation. • continued to hold prudent levels of liquidity; taking further opportunities to grow by group liquidity 21.1% (31 December 2009: merging with smaller societies. 31.9%), as the intentionally held pre-merger How to vote at the AGM: attend the AGM post it www.ybs.co.uk/agm 4 5 In addition to offering attractive interest rates on Other benefits Chief Executive’s report cont. savings products we won the Moneywise “Best We improved our wider product range during the Cash ISA Service Provider” award in 2010 in year, including the launch of “You Choose Home recognition of our excellent service. Insurance” which allows our customers to personalise their level of cover according to their circumstances The Society’s financial performance and position including Chelsea products following the merger. Mortgages are explained in detail in the Business review which and needs. The popularity of this product was The range of structured deposits, “Protected We remained committed to providing people with can be downloaded from our website reflected in a significant increase in demand. Capital Accounts”, offered in association with competitive mortgage products, allowing them www.ybs.co.uk/annualreport. Alternatively a full Credit Suisse, have been extremely popular with access to the housing market. Our approach to the YBS Share Plans copy of the Annual Report and Accounts can be customers who do not wish to significantly deviate mortgage market was in part illustrated by the fact Over 170,000 members benefited from participation obtained from any branch, on our website from the returns they would realise with a deposit that we received the highest number of “Best Buy” in Savings Related Share Option Schemes. This is an www.ybs.co.uk/annualreport or by calling the AGM savings account. These products offer a potential mentions of any mortgage provider in 2010. arrangement that allows employees of a company Helpline number quoted on the Chairman’s letter. return above that possible from the traditional Our existing borrowing members’ interests were to buy company shares with money they have contributed to a savings scheme. YBS Share Plans Members deposit account market, and with limited “down- also prioritised as we ensured that all borrowers side” risk. The products have been designed for were offered fixed rate mortgage products at the contributed positively to the Group’s performance in As a mutual organisation, the Yorkshire is owned customers who place importance on the capital end of their existing mortgage deals which provide 2010, and acquired 24 new clients in the year by, and run for, the benefit of our current and protection and minimum return elements of a protection against possible interest rate rises in including, Old Mutual plc, Friends Provident Holdings future members and not on behalf of external savings product but are willing to sacrifice an 2011 and beyond. (UK) PLC, Topps Tiles PLC and Communisis plc. shareholders. Last year was not easy for either element of this minimum return in favour of borrowers or savers and the Society has remained The Yorkshire assisted first time buyers by offering Our commitment to communities potential additional returns. very focussed on doing what it can to help its our unique “Offset Plus” product which allows Good corporate citizenship sits at the heart of members through this difficult environment. Whilst A significant distinction between our approach borrowers to link the savings of family or friends to our approach to mutuality. The Group actively we clearly are operating within the constraints of a and that in the wider market is that we position their mortgage, thereby reducing mortgage interest supports the communities in which we live and fragile economy and historically low interest rates, our savings products primarily to offer long-term payments while at the same time giving family work through a number of practices including I believe we made good progress in 2010. value to savers.
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