Skipton profit rises to £299m; balances top £22bn

Skipton Building Society said its profit rose 9.9% to £298.8 million in 2022 as its savings balances grew by a record 13.6% to £22.5 billion.

Member-owned Skipton, which includes the UK’s largest estate agency Connells, saw its membership grow by 54,563 to over 1,137,000.

Skipton said more than £100 million was given to its members through above market average savings rates.

It said it supported over 13,800 first time buyers in 2022 as it grew its mortgage portfolio by 9.6% to £25.5 billion.

Skipton Group CEO Stuart Haire said: “As Skipton’s new group chief executive, the attraction of this role was the opportunity to leverage Skipton’s group structure, unique business mix and mutual status to help support our society members and group customers now and in the future.

“Our performance in 2022 casts no doubt on just how valued member-ownership is, particularly during such unprecedented times for people.

“It is a privilege to lead a proven purpose-driven business. I cannot take any credit for the performance of the Skipton Group in 2022. However, I can wholeheartedly thank our 18,000+ colleagues who have played their part in helping grow our business while successfully navigating these difficult times.

“Our group has helped more people to save for their future, helped more people into homes, and it’s also sharing the success of its efforts, giving more back with clear positive impact, and reinvesting in the future for the benefit of all.

“Just two months into my role I can clearly see why more people are coming to Skipton and developing deeper relationships with us to help them secure their financial futures.

“I can also see opportunity to work with my colleagues across the group to do even more, and for us to further harness the size, depth and experience within the Skipton Group, to be a powerful voice for driving positive societal change.

“Unlike other financial services businesses, in having the UK’s largest estate agency network within our group, Skipton is uniquely positioned to play a leading role in enabling and supporting homeownership.

“We have unrivalled insight into the UK housing market, expertise in savings and financial advice, coupled with a financially strong, resilient, and growing core business.

“We also hold ourselves to the highest standards of personal accountability in authentically and impactfully steering positive social and environmental change; there’s arguably never been a more pertinent time to showcase just what mutuality means and what it delivers for society.

“In 2023 Skipton will celebrate its 170th anniversary. This has been made possible by the sustainable value created across the blend and diversity of businesses.