Bank puts more into North East.Byline: , Chris Knox YORKSHIRE Bank Yorkshire Bank is a commercial bank in England and Wales, a division of Clydesdale Bank. It mostly operates in the North of England, especially in Yorkshire. In 2006 underlying profit rose 16.7 per cent to £454m compared with a year earlier, while post tax earnings climbed 12. has increased its lending in the North East and seen savings deposits Savings deposits Accounts that pay interest, typically at below-market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand. grow, despite its recent job losses and falling profits. The bank, which employs 41 people in the region and has a financial services centre on Newcastle Quayside quay·side n. The area adjacent to a quay or wharf or a system of quays, especially in a port city. quayside quay n → Kai m , said lending had grown by 13% in the six months to last March 31, with deposits increasing 19%. It also increased business lending by 14% over the same period, representing pounds 1.2bn of new money to support local firms, including drugs company Quantum Specials in Burnopfield, which it supported during its pounds 32.5m management buy-out last year. The bank's Newcastle FSC FSC See: Foreign Sales Corporation managing partner Martin Pallett said: "These results clearly demonstrate how our traditional banking approach is helping local businesses to succeed. "We are committed to supporting businesses in the towns and cities in which we operate and our clients tell us they like the fact that the money they bank with us goes back into supporting their local economy. "We are committed to further developing our support for new businesses in the North East during the coming year." However, the figures came as the bank's owner National Australia Bank (NAB) Ltd reported a fall in first-half net earnings as bad loans offset solid revenue growth, while its UK operations, which include the Clydesdale Bank, recorded a 64% drop in pre-tax profits for the half year. Last year brought a series of job cuts in the UK, including 78 jobs between Clydesdale and Yorkshire Bank, after NAB agreed a deal with Axa Life to take its 2.3 million retail customers. Chris Knox CAPTION(S): SHARING BENEFITS The Yorkshire Bank is lending more and attracting more savings in the North East. |
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