Yorkshire Building Society assets rise to £45bn

Bradford-based Yorkshire Building Society said on Thursday its assets rose to £45.1 billion in the six months to June 30, 2020, up from £43.4 billion at the same stage last year.

The UK’s second largest building society said mortgage balances were flat at £38 billion.

Profit before tax fell to £67.3 million from £76.5 million at the same stage of 2019.

The mutual’s Common Equity Tier 1 ratio remained at 16.6%.

Yorkshire Building Society CEO Mike Regnier said: “Our mutuality is important in these challenging times, as it enables us to take an approach which puts our customers, colleagues and communities first.

“For borrowers worrying about meeting their mortgage payments, we are supporting them with a variety of solutions, including mortgage payment holidays.

“We are also helping savers who need emergency access to their money by enabling them to make withdrawals from fixed rate accounts without any penalty.

“We have kept branches open in as many communities as possible and helped more customers to access our online services so they could manage their money whilst staying at home.

“In terms of financial results, I’m pleased to report that our 2020 half-year performance illustrates that our prudent strategy over the longer term has enabled us to weather the challenging economic environment and impacts of Covid-19.

“Our balance sheet has stayed strong, our statutory and core profits remain healthy and we retain strong levels of capital and liquidity.”