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Skipton reveals £17m profits for Q2

Skipton building society has revealed pre-tax profits of £17m in the second quarter of this year.

The Skipton group, which posted full year 2008 profits of £22.5m, says it has achieved the equivalent of three-quarters of its annual profits for 2008 in the first six months of 2009.

Its group, which has 21 subsidiaries, has assets totaling £15.2bn, up from £13.6bn at the end of December 2008, largely as a result of the merger with Scarborough building society.

Its group mortgage balances stand at £11.3bn, while its retail savings balances are up by 23.5 per cent to £10.1bn. Skipton says 79 per cent of its total funding is now from retail savings, up from 69 per cent at the end of 2008.

It has also revealed that its estate agency business, Connells, recorded a 23 per cent increase in house sales year-on-year.

Group chief executive David Cutter says: “Our market environment has continued to be characterised by unprecedented developments affecting financial institutions but we have continued to offer consistently good value.”

Cutter says Skipton has prudently restricted its lending compared to previous years, by adjusting criteria according to market conditions.

He says: “We continue to place our members at the heart of all our activities, representing their interests in the unfolding political debate.

“But our half-year profitability is testament to our diversified group structure, with its range of divisions operating in complementary disciplines such as mortgage services, estate agency, credit and marketing solutions and financial advice, which continue to support and add additional value to the society.”

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