YBS ups profit in year of deals
Yorkshire Building Society, the UK's second-largest building society, has upped profit in a year when it completed two major deals.
In the year to 31 December 2011, YBS raised core operating profit by 27 per cent to £163m and pre-tax profit to £129.7m.
The society hailed its financial strength and stability which had enabled it to successfully conclude the merger with Norwich & Peterborough Building Society (N&P) and the acquisition of the savings and mortgage balances of Egg Banking.
"I am extremely pleased to report very strong financial results for the Yorkshire in 2011," said chief executive Chris Pilling.
"This performance shows significant growth in mortgage and savings balances, increased level of operating profit, stable net interest margin and robust capital and liquidity positions despite the continuing challenges presented by the economic and market conditions.
"I would like to thank Iain Cornish for his tremendous leadership which resulted in the society being in an exceptionally strong position and with a very bright future. The society has a long-held reputation for delivering outstanding value and excellent service to its members and as the new chief executive I have inherited a fantastic legacy.
"A key indicator of how effectively the group is delivering an exceptional customer experience is the net promoter score, which continued to rank the Yorkshire well above the average for the financial services industry."
He added: "One of the Yorkshire's strategic priorities is 'looking ahead and seizing new opportunities'. To date, the focus of this priority has been on undertaking strategic mergers and acquisition activities.
"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."
