Balances and growth on the rise at Skipton Building Society

David Cutter, Chief Executive of the Skipton Building Society.
David Cutter, Chief Executive of the Skipton Building Society.
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Skipton Building Society has reported another strong year of growth,

Its interim results covering the six month period from January 1 to June 30 showed increasing savings balances by £1.1bn, a growth of 43 per cent over the last three years and maintaining gross lending at £1.9bn (resulting in a growth of 35 per cent in mortgage balances over the last three years).

26 March 2015: Skipton Building Society.
David Cutter.
Picture: Sean Spencer/Hull News & Pictures Ltd
01482 772651/07976 433960
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26 March 2015: Skipton Building Society. David Cutter. Picture: Sean Spencer/Hull News & Pictures Ltd 01482 772651/07976 433960 www.hullnews.co.uk sean@hullnews.co.uk

This growth was achieved whilst maintaining strong capital ratios.

The society previously announced its plan to integrate its financial advice business, Skipton Financial Services, into the Society, a move that further demonstrates the Society’s commitment to offering face-to-face financial advice on the high street. The integration will occur from August 1 and will enable Skipton to support more people who need help with financial planning, together with offering a more seamless customer journey for all financial planning matters.

Total group profit before tax was £76.8m up from £72.1m, including contingent consideration of £9.6m recognised following the disposal of Homeloan Management Limited in 2014.

Underlying group profit before tax was £72.1m.

David Cutter, Skipton’s Group Chief Executive, said: “Skipton has delivered another strong performance during the first six months of 2016, achieving net customer growth of 20,389, climbing 11 places to 47th position in the Sunday Times Top 100 Companies to Work For, and being named Best Cash ISA Savings Provider and Best Savings Account Provider in the 2016 MoneySuperMarket ‘Supers’ awards.

“We’ve seen a significant increase in savings balances, from £12.8bn at the year end to £13.9bn at 30 June 2016 – a testament to the range of competitive savings accounts we offer. And the Society’s net lending for the six months to 30 June 2016 was £0.6bn.

“With underlying Group PBT of £72.1m, we’ve secured healthy profits, ensuring we continue to maintain a sustainable business - and one that remains resilient and robust, with strong capital and leverage ratios.”