This is why profits dropped at Skipton Building Society in 2019

Skipton Building Society saw a drop in pre-tax profits as it faced a subdued housing market and highly competitive mortgage market.
David Cutter, chief executive of Skipton Building Society.David Cutter, chief executive of Skipton Building Society.
David Cutter, chief executive of Skipton Building Society.

The mutual reported pre-tax profits of £153.2m for the year ended December 31, 2019, down from £188.7m the previous year.

Skipton continued to grow its membership with member numbers increasing by 35,868 to 1,046,294 over the period,

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David Cutter, chief executive of Skipton Building Society, said: “This is a solid and balanced performance which has seen us increase our membership and increase our mortgage and our savings balances at rates above our natural market share, despite a subdued housing market and highly competitive mortgage market.

“In the face of a challenging operating environment, Skipton has continued to deliver first class service and value to its members.

“We have continued to invest in our business for the benefit of current and future members, we have launched an app for our customers, which saw 100,000 registrations during the year, and we have made some major changes to our financial advice offering, making it more personal, affordable and straightforward and hence accessible and relevant to more people.

“Since 1853, our purpose has been to help more people into homes and save for their future.

“Our strong capital position and diversified business has enabled us to continue to successfully and sustainably deliver for our members today and we are well positioned to do so in the future.”