Profits Continue To Rise For Yorkshire Guernsey

by Carla Johnson, Investors Offshore.com, London

12 March 2008

Yorkshire Guernsey on Wednesday announced record profits of GBP8.7m during 2007.

The Guernsey-operated subsidiary of the Yorkshire Building Society saw its profits rise by just under 12% from GBP7.7mn the previous year.

Managing Director, Peter Symes, observed that Yorkshire Guernsey had maintained a stable balance sheet, with a focus on long term savers.

During 2007 the company moved to more spacious offices at Yorkshire House, in order to accommodate the growth of the business.

Of the Society’s core operating profit of GBP91.1mn, Yorkshire Guernsey’s contribution was some 9.5%.

Despite much economic turbulence in recent times, parent company, Yorkshire Building Society’s 2007 annual results showed strong mortgage and savings growth, whilst maintaining high capital ratios and a robust liquidity position.

Group core operating profits increased by 19% to GBP91.1mn (2006: GBP76.8m). Profit before tax reduced by 30% to GBP54.6mn (2006: GBP77.9m) reflecting, principally, the impact of fair value and impairment losses on treasury assets and other fair value volatility.

Yorkshire Guernsey is a deposit taking bank and a wholly owned subsidiary of Yorkshire Building Society.

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