YORKSHIRE Building Society delivered “a solid performance” in a year of unprecedented turmoil for financial markets.
The society, which has its roots in Huddersfield, strengthened its funding and cash position during 2008 as many of its rivals fell victim to the credit crunch.
The Bradford-based society said its underlying strength meant it was “very well-placed” to weather the current storm.
During the year, the Yorkshire completed its merger with Barnsley Building Society, lifted savings balances by £1.2bn and cut its management expense ratio for the third year running.
Operating profits totalled £53m, although pre-tax profit of £8.3m reflected a Financial Services Compensation Scheme charge of £14.7m for the failures of Bradford & Bingley, Icelandic and London Scottish banks.
The society protected savers by not passing on the full Bank of England base rate cuts.
Home loans grew by 3.7% while member savings balances totalled £1.2bn.