Skipton International parent posts further set of strong results

Skipton Building Society, the owner of Skipton International in Guernsey, has announced a rise in Group profit before tax to £34.4 million for the first six months of 2012, up 59% compared to £21.7 million previously.

The results show the Society delivering against a clear plan to improve capital ratios and maintain prudent level of high quality liquidity. The core Tier One capital ratio increased to 11.42% from 11.08% during the period, a result of the profits generated during the period.

The Society added a further 11,000 customers during the first half of 2013, reflecting positive press commentaries on both the commitment to customer services and the quality of the products offered.

Group Chief Executive David Cutter said: “I am delighted to report a 59% increase in profits at the same time as growth in mortgage and savings balances and capital ratios.”

“I am particularly pleased at the way in which we have achieved our results. We remain committed to being an organisation that cares about our customers, continually offering good value products to our members, backed up by outstanding personal service.”

Jim Coupe, Managing Director, Skipton International adds, “Strength, stability and service are key parts of our offering to customers in Guernsey. Our business locally continues to move from strength to strength, with mortgage lending growing strongly in both Jersey and Guernsey, where we have been the largest lender for new mortgage business for the last three years. Savers are finding our products attractive too, something which was endorsed by our recent first place in the prestigious 2013 Moneyfacts awards for Best Offshore Account Provider. We remain optimistic for the future, backed by our parent, the fourth largest building society in the UK.”