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Skipton group sees 13.6% rise in profits

Skipton Building Society Group reported a 13.6 per cent rise in pre-tax profits to £165.5m last year from £145.7m in 2006 .

This included a one-off gain of £36m for the sale by Connells of the shares in property website Rightmove.

Assets of the society and its 19 subsidiaries increased to £12.53bn from £10.6bn in 2006.

Chief executive John Goodfellow says over 77 per cent of its mortgage funding comes from its members and with most new mortgages having 75 per cent or less loan to value and only 6 per cent rising beyond 90 per cent, its mortgage book is strong, growing 16 per cent year on year.

Its group pre-tax profit are 1.43 per cent as a percentage of mean assets, which it says are confidently expected to be double that of any other building society.

Skipton’s residential mortgage balances grew by 15.5 per cent to £8.7bn.

Goodfellow says: “It is futile to spend too long looking backwards and instead the future is what matters. At Skipton, we do not believe in standing still and will continue to ensure the Society – and Group – outperforms the market and shows itself to be the epitome of a modern mutual.”

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