Yorkshire Building Society unveils "very strong" results for 2011 (From Bradford Telegraph and Argus)

Yorkshire Building Society unveils "very strong" results for 2011

9:48am Thursday 23rd February 2012 in Business By Chris Holland

Yorkshire Building Society today unveiled a strong set of financial results for 2011, a year in which it completed two major deals and appointed a new chief executive.

The Bradford-based society, which is the UK's second largest, increased lending by nearly half and raised operating profits by 27 per cent to £163 million, with pre-tax profits rising from £115.4 million to £129.7 million in the year to December 31.

YBS said its financial strength and stability had enabled it to complete the merger with Norwich & Peterborough Building Society and the acquisition of a £2.5 billion savings book and £430 million mortgage book from Egg Banking.

The Society's total assets increased by nine per cent to £32.6bn, from £30.1bn in 2010 New chief executive Chris Pilling, who succeeded Iain Cornish at the start of this year, said: “I am extremely pleased to report very strong financial results for the Yorkshire in 2011. This performance shows significant growth in mortgage and savings balances, increased level of operating profit, stable net interest margin and robust capital and liquidity positions despite the continuing challenges presented by the economic and market conditions."