THE outgoing boss of Bradford -based Yorkshire Building Society has hailed a robust half-year performance in challenging market conditions.

Chris Pilling, who is to step down at the end of the year, said although the UK's second largest building society had suffered a drop in pre-tax profits than a year earlier, it remained in a strong position to face challenges facing the financial services sector.

YBS saw pre-tax interim profit fall to £99.9 million, compared with £111.2 million in June 2015.

The Society increased savings balances to £29.4 billion from £27.9 billion and mortgage balances grew to £34 billion from £33.3 billion at the halfway stage last year.

Mr Pilling said: “I'm pleased to report a robust financial performance during what remains a highly competitive and challenging market in line with our financial plans.

“We have continued to offer good long-term value to our 3.3 million customers at the same time as achieving healthy levels of profit which maintain our financial strength and sustainability.

“Despite the challenges the Society and other financial services providers may face as a result of economic and political uncertainty, we remain in a strong position to continue investing in, and growing our business on behalf of our members.”