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Yorkshire BS assets boosted as lending doubles

Yorkshire Building Society claims to have returned an estimated £90m to members in the form of lower mortgage rates and higher savings rates last year.

The society says the amount given back to members now stands at £350m over the last five years. Announcing the details in its annual results last week, Yorkshire said it has seen its fifth consecutive year of double-digit asset growth.

It says total asset growth was £11.4bn last year, up from £10.3bn in 1999, while gross lending leapt to £2bn in 2000 from £1.6bn. Net lending jumped to £1bn from £484m in 1999.

Profits rose to £64.9m from £58.3m the previous year, with a net interest margin of 0.97 per cent – the difference between mortgage rates and interest rates – which Yorkshire believes is the lowest of any high-street lender.

Chief executive David Anderson says: “I believe these results are a clear demonstration of a strong future for a modern mutual. We aim to build further on member benefits following a review of our future strategy. The branch-sharing agreement with Britannia Building Society will also be launched later this year, doubling the number of branches which Yorkshire members can use free of charge for counter-based transactions.”


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Capital Market Notes, November 2016 David Lafferty, chief market strategist at Natixis Global Asset Management, looks at the impact on markets and portfolios since the somewhat surprising outcome of the US election. Click here


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