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Clydesdale And Yorkshire Banks Half-Year Results

9 May 2002

Clydesdale and Yorkshire Banks today released a consolidated half-year result, announcing profits after tax of £148 million, an increase of 12.4% over the previous corresponding period.

"This is another strong performance, achieved in a highly competitive environment", said Grahame Savage, Chief Executive of Clydesdale and Yorkshire Banks.

"Clydesdale and Yorkshire Banks are in a strong position to grow in their respective markets. Our £70 million investment announced last month will mean increased levels of customer service across our branch networks", added Mr Savage.

Clydesdale and Yorkshire Banks net interest income increased by 10.6% to £347 million. All areas performed well. The innovative Rapid Repay Mortgage and Tailored Business Loan products launched recently have achieved good growth through meeting customers' need for flexibility.

Core lending increased 7.9% year on year, largely due to growth in mortgage lending and personal loans. Retail deposits grew 7.7% in the same period.

Operating expenses increased to £236m (up 6.1%). This included expenditure on the new European Telephone Centre in Kilmarnock and the opening of additional Business Banking Centres.

Strong income growth and cost containment led to a fall in the cost to income ratio to 46.1% from March 2001.