Yorkshire BS benefits from banking scandal

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Yorkshire Building Society reported a 58 per cent increase in mortgage lending in the first half if 2012 as it cashes in on public dissatisfaction with the banking sector.

The Yorkshire, the UK’s second largest building society, said it had reduced its mortgage impairment charge by 17 per cent reflecting its focus on customers who don’t over-stretch themselves.

As a result interim pre-tax profits rose 13 per cent to £82.8m.

The Yorkshire’s chief executive Chris Pilling said: “The strong performance of the group in the first six months of 2012 reflects our track record for adopting an ambitious but prudent approach to our business.

“Whilst the economic environment remains uncertain we are confident that the group is very well placed to continue to grow and prosper, providing our members with a credible and secure alternative to the high street banks and an organisation in which they can continue to place their trust.”

The society said it is committed to retaining a strong presence on the high street and it opened three new branches during the first half of 2012. A further nine are planned over the next 18 months.