Yorkshire’s gross mortgage lending up 46% in 2011
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Yorkshire Building Society has reported a 46% increase in gross mortgage lending for 2011.
The society advanced £4.1bn in mortgages last year, up from £2.8bn in 2010. It says that a quarter of its mortgages lent last year were to first-time buyers.
The Yorkshire also reported a 27% rise in core operating profit, from £128.5m in 2010 to £163.2m in 2011.
Mortgage balances increased by 14% from £23.3bn to £26.7bn, while savings balances were up by 20% at £26.0bn.
The society’s members increased in number by 27%, from 2.6 million in 2010 to 3.3 million in 2011.
The financial year included two major acquisitions for the Yorkshire; that of the savings and mortgage business of Egg Banking in October 2011, and a merger with Norwich & Peterborough Building Society in November 2011.
Chris Pilling, chief executive of the Yorkshire, says: “I am extremely pleased to report very strong financial results for the Yorkshire in 2011.
“The society’s focus throughout 2011 has been on providing good, long-term value to both our savers and borrowers.”
He adds: “Our focus for 2012 will be to ensure that we take full advantage of the opportunities presented by our newly enlarged business. This will include the effective integration of N&P and the Egg business, delivering planned synergies and developing the range of products and services we offer to members by leveraging the capabilities and expertise we have acquired in our recent transactions.”
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