Skipton Building Society cheers strong performance

Chief Executive David Cutter.
Chief Executive David Cutter.
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Skipton Building Society said it delivered another “strong performance” in 2018, with Britain’s largest building society increasing its membership to over one million.

The mutual’s underlying pre-tax profits ncreased by 12.3 per cent to £186.1m, with statutory profits reducing by 5.9 per cent to £188.2m in the year ended December 31, 2018.

David Cutter, chief executive of Skipton Building Society, said: “Today’s results show that 2018 was another year of strong performance for Skipton Building Society in many ways, from increasing our underlying group profits to growing our membership to over one million members.

“In 2018 we continued to enable more people to save for their future and finance their own home.”

The mutual increased the number of its members by 91,366, 9.9 per cent, to 1,010,426.

Skipton Building Society said growth in membership was driven by its Cash Lifetime ISA, which was launched in response to the Government’s savings initiative.

It attracted 85,948 new members during the year, Skipton said.

Mortgage balances grew by £1.6bn to £18.2bn, a growth rate of 10 per cent. While the number of group residential mortgages in arrears by three months or more reduced to 0.29 per cent.