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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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