Skipton International has reported profit before tax of £19.9m and deposit growth of £293m as part of its full-year results for 2020.
According to Skipton, its mortgage team has helped 870 new mortgage customers during 2020, with mortgage balances increasing by £161m across Guernsey, Jersey and the UK.
The Guernsey-licensed bank recorded only six cases of arrears at the end of December 2020, representing less than one in 1,000 mortgages.
Jim Coupe (pictured), Skipton International’s Managing Director, commented: “The majority of our mortgage growth was the result of a buoyant property market across the UK and Channel Islands following the lifting of the first lockdown restrictions and the introduction of the UK Stamp Duty and Land Tax holiday.”
The bank also reported a significant growth in deposits, with savings balances exceeding £1.9bn by the end of the year.