YBS sees pre-tax profit jump to £82.2m
UK’s second largest building society increased its lending to new borrowers and boosted existing borrower retention.
Yorkshire Building Society announced today (26 July) that it has seen its group pre-tax profits grow from £73.1m to £82.8m in the first six months of this year, while core operating profit increased by 2 per cent to £92.4m.
Total mortgage balances also grew slightly to £27.5bn, compared to £27bn at the end of December 2011, with one in four loans granted to first-time buyers.
In its results, YBS also announced changes to the board, with Richard Davey having retired as vice chairman on 18 April 2012 after six and a half years. Lynne Charlesworth, who joined the board in 2006, was appointed vice chairman on the same date.
Chris Pilling, chief executive of Yorkshire Building Society said: “The strong performance of the group in the first six months of 2012 reflects our track record for adopting an ambitious but prudent approach to our business.
“Whilst we continue to operate in a period of change and increased regulation, we look forward with optimism to the opportunities which lie ahead.
“In particular, due to the importance we place on providing competitive mortgages, the government’s proposed ‘Funding for Lending’ scheme looks very interesting and we are examining the detail to see if there is an opportunity for us to use this in our funding mix.”