Thursday, 10 June 2010
Clydesdale Bank reports strong half year results
National Australia Bank Group, owner of the Clydesdale and Yorkshire Banks, has released full year results for its UK banking operations for the six months to 31 March 2010.
• £2.2 billion of new business and mortgage lending advanced in the past six months
• On track to deliver £10 billion of new business and mortgage lending by October 2011
• New support initiative launched to help UK trading businesses ‘Invest for Growth’
• Average retail deposit volumes up 12% to £22.5 billion – double the industry average
• Retail deposits and longer term funding cover 105.5% of lending
• Underlying profit up 11% to £264 million
• Pre-tax cash earnings grew by over 17% to £81 million (from £69 million)
• At 31 March 2010, Clydesdale Bank PLC’s Tier 1 Capital Ratio was 8.8% (up from 8.2% as at September 2009)
• Strong liquidity with liquid assets of £10 billion – more than doubled in two years.
Chief executive Lynne Peacock (pictured above) said: “As our half year results clearly demonstrate, our consistent strategic direction has continued to keep our business and reputation strong during the toughest trading conditions in post-war memory.
“While there are now consistent signs of economic recovery, our cautious approach will remain until longer term trends are evident. Our clear focus remains on maintaining our strong capital position and supporting customers.
“Built on robust foundations, our UK operations are very well positioned to capitalise on future growth opportunities. It is clearly an exciting time in the market and we will continue to play to our strengths in driving shareholder value and supporting the communities in which we operate.”
Clydesdale Bank Financial Solutions Centre in Ayrshire senior partner Willie Mackie (pictured above) said: “We continue to support our customers across the Ayrshire & Arran region, and we are fully participating in our UK wide initiative to help trading businesses invest for growth.”
Financial Solutions Centre
43 Alloway Street
Ayr KA7 1SP
Contact: Willie Mackie, Managing Partner
Tel: 01292 272072
Fax: 01292 280202
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