Growth in mortgage lending has driven profits of £243m at Yorkshire Building Society in the first half of this year.
The £95.7m jump in statutory pre-tax profit was attributed to growth in mortgage lending, with balances increasing 3.3% and some 25,000 new mortgages supplied. Interim CEO Alasdair Lenman, who will serve until a replacement is found, said the Society's profits would help secure its position and fortify it against shocks and challenges that may lie ahead.
Savings balances rose from £35.2bn to £37.7bn thanks to "competitive positioning" of savings products, increases to back-book rates and a member loyalty programme. The Society said market expectations for the base rate may make retail savings increasingly attractive.
