Yorkshire BS ups mortgage balances but core profit falls by 46%

Ryan Bembridge

July 22, 2016

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Yorkshire Building Society upped its mortgage balances but core operating profit slumped by 46% to £62.5m in the first half of 2016 compared to the corresponding period of last year.

Mortgage balances reached £34bn in H1 2016, up from £33.3bn in H2 2015, while statuary profit before tax stood at £99.9m in H1 2016, down from £111.2m in H1 2015.

Falling operating profits were caused by a £17.9m loss on the disposal of property and other assets and a £25m loss due to fair value volatility such as currency fluctuations.

Mortgageforce back in profit

Chris Pilling, Yorkshire Building Society chief executive, said: “I’m pleased to report a robust financial performance during what remains a highly competitive and challenging market in line with our financial plans.

“In the first half of the year, against a backdrop of an unpredictable economic environment and competitive trading conditions, we have remained true to our mutual ethos, focusing on our core mortgages and savings business to help people buy the homes they want and to save for their futures.

“With market-leading mortgages we helped more than 3,000 people take the first step on the housing ladder and supported many more to own a home of their choice.”

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