Mortgage lending up but profit down for building society
Yorkshire Building Society has increased mortgage lending but seen profits fall in the first six months of 2024.
Pre-tax profit was down from £180.6 million a year before to £158.1m fr the society which has branches in Church Stretton, Lichfield, Newport, Smethwick, Stourbridge, Welshpool and Wolverhampton.
The lower level of profit is largely a result of an anticipated reduction in net interest income following a compression in both mortgage and savings margins
The level of demand in the mortgages market was stronger than expected.
Gross mortgage lending in the period increased to £5.2 billion from £4.2bn a year earlier.
Net lending also increased from £700m to £2bn.
The 160-year-old society said it had observed an increase in the level of mortgage arrears, though levels remain significantly more favourable than the industry average
