What our 2025 half-year results mean for you
Published: 1 August 2025
We’ve published our financial results for the first half of our 150th year. They show that we continue to put the needs of our savers and mortgage members first as we live up to our purpose of putting home ownership within reach of more people.
Our year so far
- 19,400 new borrowers (including 9,600 first time buyers).
- We grew our membership to over one million.
- Generated £199.9m in extra annual interest for our savers over the last 12 months, with an average savings rate of 0.85% above the rest of market average1.
- Underlying profit before tax of £104.4m allowing us to reinvest in our Society.
- Over £260,000 donated to charity and good causes.
Discover more about what these numbers mean for you below, or read the full announcement.
Helping more people own a home
Helping our members realise the dream of home ownership is at the heart of what we do.
During the first half of the year, overall lending of £2.6 billion helped us put that purpose into action. We helped 9,600 first time buyers buy their first home, while welcoming 19,400 new borrowers overall.
Delivering for savers
With a strong membership of savers, we’re able to provide mortgages for first time buyers and existing borrowers. That’s why providing value to our savings members is so important to us.
We paid an average savings interest rate that was 0.85%1 above the rest of the market average. This meant we generated the equivalent of £199.9 million in extra annual interest for our savings members, over the last 12 months.
We also spoke up for members concerned by proposed changes to cash ISA tax-free allowance limits. We believe cash ISAs help provide certainty for people in retirement, those buying their first home and people saving for big life events.
Investing in our future
We don’t have shareholders. Instead, we’re run on behalf of you, our members – and there’s now an amazing one million of you!
Our strong financial performance means we can invest to improve our service. We’re making good progress transforming our digital infrastructure, which will help colleagues and members over the long term.
And at a time when many banks are closing theirs, we’ve continued our branch investment programme. Our South Shields branch moved to new premises, and we refurbished our Harrogate branch to provide a fresh, modern space for members.
Plus, our service continues to be highly rated, with a satisfaction score of 94%2.
Strengthening communities
As well as supporting our members, we believe in making a difference to communities and good causes around the UK. And so far during 2025, we’ve donated over £260,000 to charity and good causes through grants and fundraising.
Since March 2024, our charity partnership with Barnardo’s has raised over £240,000. We’re raising money for the charity to give much needed support to care experienced young people as they move towards independent living.
In 2025 we’ve also donated a share of £150,000 to five organisations across the UK that are supporting people in need of safe and secure housing.
A word from our interim CEO, Annette Barnes
“I’m proud of what we’ve delivered in the first half of 2025 – our 150th year. Our strong and consistent performance, coupled with our accomplished team, gives me real confidence in both our short-term future and in our long-term vision to guide the Society forwards for generations to come.”
1We paid 0.85% above the rest of the market average, meaning we generated the equivalent of £199.9 million in extra annual interest for our savers. CACI Current Account and Savings Database, Stock, including fixed and variable rates, June 2024 to May 2025. CACI is an independent company that provides financial benchmarking data of the retail cash savings market.
2Overall customer satisfaction in a survey of 1,761 members from January to June 2025.
