Yorkshire Building Society benefits from Chelsea Building Society merger
Yorkshire Building Society this week announced a major turnaround in the group's fortunes storming back to a profit of £65.4 million for the first half of 2010 against a loss of £22.3 million for the same period last year. While the company has benefited from the recent merger with the Chelsea Building Society there is no doubt that action taken in 2009 has given the society a strong base for future and the potential to continue on a relatively steep growth path.
However, the management of the Yorkshire Building Society has today voiced a note of concern regarding the stability and short-term direction of the UK economy which is proving very difficult to predict. There is a growing belief that the recovery in the UK economy will be "quite volatile and slow" which will make it very difficult to predict short-term lending patterns for the likes of the Yorkshire Building Society. However, it is interesting to note that the Yorkshire Building Society has seen an increase in net interest margin, the difference between interest income and interest paid out, which has risen to 0.83% from the 0.63% seen 12 months previous.
Perhaps this explains why savers in the UK are continuing to suffer in the short term?
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