A 150-YEAR-OLD building society says it has strengthened its position as an alternative to banks after posting strong annual results.

Yorkshire Building Society has revealed operating profits increased 11 per cent to £152m last year, with pre-tax profits 26 per cent higher at £199.3m.

The company is the UK's second largest building society and has branches in Newcastle, Sunderland, Stockton and Northallerton and Richmond, both in North Yorkshire.

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Chris Pilling, Yorkshire Building Society Group's chief executive, said: “It's 150 years since the building society from which the Yorkshire traces its roots was established.

“Our financial performance and prudent approach in 2013 demonstrates we are still delivering on the promise of giving customers a trustworthy alternative to the banks.

“We lent £6.8bn in 2013 and helped thousands of homebuyers and remortgage customers.

“Over the past 150 years we have earned the trust of customers and communities who rely on us to keep their long-term interests at the heart of what we do.

“I am honoured to be leading the continuation of these values.”