Yorkshire Bank announces Half Year Results
London, 9 May 2008: National Australia Bank Group, owner of the Clydesdale and Yorkshire Banks, today released interim results for its UK operations, for the 6 months to 31 March 2008.
2008 Highlights: Comparison with 6 months to 31 March 2007
Profits
- Profit before tax up 17% to £194m
- Cash earnings up 18% to £139m
Performance
- Retail deposits and longer term funding covered 85% of lending (up from 83%)
- Tier I capital Ratio 7.5%; Total capital ratio 11.4%
- Five consecutive halves of flat costs
- Cost Income ratio improved 2% on the March 2007 half
- Cash earnings per average FTE increase by 19%, up £5k to £31k
- Clydesdale Bank PLC’s (CB) long term credit ratings were reaffirmed as AA- by Standard & Poors and maintained at Aa3 by Moodys and AA- by Fitch
Quality growth
- Average retail deposit volumes increased 17% to £17.5bn
- Average gross loans and acceptances increased 31% to £30.6bn
- Strong asset quality with flat provisions charge
Lynne Peacock, Chief Executive, said :
"Representing a stand-out trading performance in turbulent market conditions, we have delivered another set of excellent results.
"Operating a traditional banking business with a consistent strategic direction and disciplined approach to risk, we have achieved strong volume growth in deposits and high quality lending whilst maintaining one of the strongest capital ratios in UK banking.
“Retail performed well in challenging conditions whilst business banking through our maturing integrated Financial Solutions Centres again delivered an outstanding performance.
“We are very proud of our achievements over the past three years. Well prepared for the challenging market conditions in which we operate, our business continues to demonstrate strong sustainable growth and profit momentum."
View the Half Year Results 2008
|
