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Yorkshire’s H1 mortgage lending doubles to £1.5bn

  • 28/07/2011
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Yorkshire’s H1 mortgage lending doubles to £1.5bn
Yorkshire Building Society, which bought the mortgage and savings arm of Egg banking this week, more than doubled its gross mortgage lending between H1 2010 and H1 2011.

The UK’s second largest building Society lent £1.5bn in the first half, up from £718m reported for the equivalent period in 2010.

The lender also reported a “strong capital position” with “stable” mortgage balances at £23.1bn and members’ savings at £21bn.

Yorkshire’s mortgage provisions were £15m in the six months to June, but down from the £19m reported last year.

Pre-tax profit for the six months to June 2011 was £73.1m, up on the £57.5m reported the same time last year, with its core operating profit rising from £53.2m to £90.2m.

Furthermore, Yorkshire reported that loans in arrears of three months or more accounted for 1.80% of the mortgage book by volume as of June 30, down from 1.84% as of December 31 2010.

Last April, Yorkshire completed its merger with Chelsea Building Society. The group reported merger costs totaled £6.9m in the six months to June 2011, up from the £2.4m reported last year.

Iain Cornish, Yorkshire’s chief executive, said that the group’s strong performance in H1 2011 reflected the increased efficiencies delivered by the Chelsea merger.

“Whilst the economic climate remains challenging, we are confident that the Yorkshire is very well placed to continue to grow and prosper.

“The merger and acquisition work we have announced in this period is in line with our overall strategy to take advantage of opportunities as they arise, which we believe are in the long-term interests of our current and future members.

“These transactions will further increase our ability to offer members financial security and good, long-term value.”

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