Yorkshire Guernsey, the Guernsey-operated subsidiary of the Yorkshire Building Society, recorded profits of GBP7.1 million in 2005, up GBP1.3 million (or nearly 25%) on the previous year, it emerged this week.
Managing Director of Yorkshire Guernsey, Peter Symes announced that:
"The bank's profits have continued to rise accumulatively over the past few years, but last year was particularly successful with the help of a number of marketing initiatives to help celebrate our 15th anniversary."
"During 2005 we launched the Global 15 account offering extremely competitive rates. This was very popular among both local and offshore investors. Our success has also benefited from the increased presence and awareness within the Channel Islands."
Out of the bank's inflow, amounting to approximately GBP200m money on deposit, in excess of GBP100m came from local (both independent and institutional) customers.
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