Skipton sees strong growth

Skipton saw a 75 per cent increase in total group pre-tax profit to £181.6m as it saw an increase of 31,276 in its members to 794,739.

David Cutter, Skipton’s group chief executive, said: “It remains a difficult environment for savers, with Bank Base Rate held at 0.5 per cent for six years, but it is pleasing to report growth of more than 11 per cent in both savings and mortgage balances, well in excess of market growth, demonstrating a balanced performance and our competitive pricing.”

Savings balances grew by £1.2bn to £11.4bn, an annual growth rate of 11.7 per cent while its mortgage book grew by £1.3bn to £12.7bn.

Mr Cutter said: “A strong growth in membership, excellent underlying profits and a robust capital position give us the foundation to enhance our customer proposition as we seek to fulfill our vision of ‘Building a Better Society’.”