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Yorkshire BS reports £115m pre-tax profit in 2010

Yorkshire Building Society has reported a £115.4m pre-tax profit for the year ending December 31, 2010, after suffering a £12.5m pre-tax loss the year before.

The building society, which completed a merger with Chelsea Building Society on April 1, 2010, also tripled its mortgage lending for the year from £936m in 2009 to £2.8bn in 2010.

Total assets increased year-on-year by 32 per cent to £30.1bn from £22.7bn.

YBS also increased its savings balances by over 55 per cent to £21.4bn from £13.8bn the year before.

It says over 80 per cent of new mortgage lending completed on a fixed rate basis, with almost half on a term of three years or greater while one in three were on an offset basis.

YBS chief executive Iain Cornish, who has announced he will step down from his position later this year, says: “Last year was not easy for either borrowers or savers and the Society has remained focused on doing what it can to support members through these challenging times. Whilst we clearly are operating within the constraints of a fragile economy and historically low interest rates we are pleased the Society has made excellent progress in the last year.”

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