The Yorkshire Building Society announced a decline in its pre-tax profit in its half-year results, but said its long-term strategy would allow it to “cope with the difficult economic environment and the impacts of Covid-19”.
The company reported pre-tax profit of Â£ 67.3million for the six months to June 30, 2020, up from Â£ 76.5million in the same period of 2019.
Mortgage balances remained stable at Â£ 38bn, with 3,002 mortgages advanced to first-time buyers and a total of 31,384 concluded. In the wake of the Covid-19 outbreak, the company allowed customers to take 37,307 mortgage payment deferrals.
The majority of branches and agencies remained open during the outbreak. Contact centers also remained open and 1,400 employees switched to working from home.
Mike Regnier, Managing Director of the Yorkshire Building Society, said: âFrom the very beginning our response to Covid-19 has been to focus on the key priorities of keeping members at home, making sure their savings are secure and accessible, and to seek out the safety and well-being of our colleagues. Our mutuality is important in these difficult times because it allows us to adopt an approach that puts our customers, colleagues and communities first.
âIn terms of financial results, I am happy to report that our half-year 2020 performance illustrates that our prudent long-term strategy has enabled us to overcome the difficult economic environment and the impacts of Covid-19. Our balance sheet has remained strong, our statutory and core earnings remain healthy, and we maintain high levels of capital and liquidity. “