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Skipton’s half-year profits jump by 48%

Skipton Building Society today announced half-year pre-tax profits of £21.7m, up 48 per cent on the £14.7m reported for the six months ended June 30, 2009.

The society says 83.2 per cent of its funding is comprised of retail balances, compared to 78.8 per cent for the same period last year. Membership is up one per cent to 744,000, compared to 739,000 in June 2009.

Its Core Tier One capital ratio is up 34 per cent, from 8.5 per cent in June 2009 to 11.4 per cent.

Retail balances represent 99.9 per cent of mortgage balances, compared to 89.9 per cent in the first half of last year.

The Mortgage and Savings division reported a loss of £5.7m, compared to a loss of £9.1m for the six months end 30 June 2009. 

The charge for mortgage losses amounted to £3.2m, compared to £22.1m for the six months ended June 30, 2009, a reduction of £18.9m. The group’s mortgage assets fell by £0.6bn to £10.1bn since the year end.

Group chief executive David Cutter says: “A 48 per cent increase in profit and 34 per cent increase in our Tier One capital ratio is a very pleasing performance compared to our June 2009 results.  But there is no room for complacency.  Uncertainty stemming from fears over the financial stability of certain European nations and the impact of the Government’s austerity package has highlighted the need for continued vigilance.

“However, these most recent results once again demonstrate our ability to prosper despite such adverse conditions while, at the same time, remaining true to our ethos of offering consistent good value and service to our members.

Skipton, the UK’s fourth largest building society, announced plans to merge with Chesham Building Society in February. The merger competed on June 1, 2010.

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