2011 Interim Results
Yorkshire Building Society increases lending and boosts profits in the first 6 months of 2011
July 28, 2011
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Yorkshire Building Society, the UK's second largest building society, reports strong financial results for the first six months of 2011. In the period the Society has more than doubled lending volumes, increased core operating profits by almost 70%, maintained asset quality and improved its capital strength.
The Yorkshire has previously announced its intention to merge with Norwich and Peterborough BS (N&P) and acquire the savings and mortgage book of Egg Banking Plc, demonstrating the financial strength and stability of the organisation. These transactions will add further scale to the Yorkshire making it even better placed to successfully compete in the UK retail financial services market.
"The strong performance in the first six months of 2011 reflects the increased efficiencies delivered through the merger with Chelsea and our continued commitment to adopting a prudent approach to our business.
Whilst the economic climate remains challenging we are confident that the Yorkshire is very well placed to continue to grow and prosper. The merger and acquisition work we have announced in this period is in line with our overall strategy to take advantage of opportunities as they arise, which we believe are in the long-term interests of our current and future members. These transactions will further increase our ability to offer members financial security and good, long-term value".
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