Skipton Building Society, UK parent company to Skipton International, has announced strong results for 2013. Group pre tax profits have grown by £67.1m to £102.5m during the year to the end 31st December.
Group profits include Skipton International’s results, which saw an increase in its profits before tax for 2013 rising from £5.78 million in 2012 to £8.75million.
In the UK, the Society saw significant improvements in its Group mortgage balances which increased by 9.2% in line with Skipton International’s 10% increase. Its gross residential mortgage lending in the year was £2.4bn, up 63% on 2012 and its net lending of £1bn, being the growth in mortgage balances, represented 9.3% of the growth in the UK net residential mortgage market, based on Bank of England statistics.
The Society’s assets increased to £14.5bn, whilst its residential mortgage arrears are below industry average as it maintains a prudent approach to lending.
Group Chief Executive David Cutter said: “2013 was a great year for Skipton Building Society. We continue to balance improving the financial strength of the Group with prioritising the needs of a growing number of members.
“We delivered strong profits and further strengthened our capital; and the Society is now in robust health after a difficult trading environment in recent years.
“We are ever mindful of the impact of the low interest rate environment on savers but the Society’s competitiveness is demonstrated by a strong growth in retail balances.
“There are now sufficient signs to indicate that economic recovery is underway in the UK but many uncertainties remain, in particular any impact from Government measures used to reduce its borrowing, weaknesses in many Eurozone economies and the consequences of actions taken by central banks around the world to extricate the markets from the extraordinary measures of support provided in recent years.
“However, Skipton Building Society is well positioned to face such uncertainties and continue to provide a rewarding and compelling proposition to our members, in line with our vision of Building a Better Society.”
Category: Finance & Business