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Skipton Building Society reports 94% profit increase

Skipton Building Society has reported a pre-tax profit of £35m for the year ending December 31, 2010, up 94 per cent from the £18m reported the year before.

The profit figures do not include the £40m received for the sale of Callcredit Information Group in December 2009 and the profits it generated that year.

The group’s total mortgage lending was up 18 per cent over the period, increasing from £407m in 2009 to £481m in 2010.

Total income increased from £440m in 2009 to £443m in 2010 and the group had total assets of £13.7bn at the end of 2010.

The building society says it has reduced the charge for impairment losses from £44m in 2009 to £15m in 2010 due to falling arrears and repossession rates.

Its estate agency business, Connells, reported a pre-tax profit of £48m.

Skipton Group chief executive David Cutter says: “Skipton remains a successful mutual building society with tremendous future opportunities. It is thanks to the tireless commitment and team effort of our people that we remain optimistic about the future and our ability to overcome any future challenges which arise.”

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