Skipton assets up 8.6% to £19bn as mortgages grow

Skipton Building Society said its 2016 gross residential mortgage lending rose 8% to a record £4 billion, total assets rose 8.6% to £19 billion, and profit after tax increased by 14.5% to £129.8 million.

Skipton, the UK’s fourth largest building society, said its:

  • Customer base grew by 22,316 to 860,403.
  • Mortgage book grew by £1.3 billion to £15.5 billion
  • Savings balances grew by £1.3 billion to £14.1 billion
  • Total group profit before tax rose 15% to £168.9 million
  • Underlying group profit before tax fell 1.2% to £151.5 million

Skipton said Robert East will become the society’s new chairman, replacing Mike Ellis who will retire from the board after this year’s AGM on April 24.

Skipton chief executive David Cutter said: “Looking after people’s savings and enabling home ownership is at the very heart of what the Society does as a mutual building society.

“I firmly believe that our long term focus of being there to help people plan for their life ahead is resonating with our members …

“Group profit after tax increased by 14.5% to £129.8 million and, being a mutual, this money is held in reserves and available to be reinvested back into the business, not paid out to shareholders.”