Yorkshire Bank owner on track to meet lending target

THE owner of Yorkshire bank increased UK profits by 53 per cent today after it advanced £4.7bn of new loans and saw fewer bad debts.

National Australia Bank, which also owns Clydesdale Bank, reported subdued demand for credit but said it was on track to deliver a two-year lending commitment of 10bn made last year.

The UK business, which has around 400 branches and employs 8,355 staff, said it was attracting growing numbers of small and mid-corporate firms after 2.7bn of lending to business in the year to October 27.

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With provisions to cover bad debts down 18 per cent to 74m, NAB said the UK arm delivered profits growth of 53 per cent to 164m in the period.

UK chief executive Lynne Peacock said: "While national economic recovery will provide further challenges, Clydesdale and Yorkshire Bank is in a strong position and continues to send a a clear message to new and existing customers that they have real choice and support in the market."

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