The mutually-owned Skipton Group, which includes Skipton Building Society, estate agency Connells and other businesses, has reported mortgage balances growth of 7.9% to £33.3 billion for 2025.

Group profit before tax (PBT) fell to £275.2 million from £318.6 million.

The Society’s savings balances surpassed £30 billion for the first time.

The group reported “debt securities in issue” of £3.36 billion, up from £2.43 billion.

“Growth in estate agency and surveying income in Connells helped alleviate pressures from a shifting interest rate environment and higher cost base – with rising staff costs and increasing loan impairment,” said Skipton.

“There was also a one-off charge for the Society on the buy-back of Permanent Interest-Bearing Shares (PIBS) in the year.”

Skipton Group also includes offshore lending business Skipton International, invoice financing unit Skipton Business Finance, and New Zealand-based AI software company Jade Software Corporation.

Skipton Group CEO Stuart Haire said: “As we execute on our purpose, our mortgage and savings growth has outpaced the market, with our total Group mortgage book surpassing £33bn, and our Society savings book surpassing a £30bn milestone for the first time. Skipton Business Finance (SBF), our invoice finance and asset-based lender, had a successful year, with profits increasing by 8%.

“While Jade (AI and software) completed the strategic acquisition of Contec Group International Limited in the year, which is expected to boost Jade’s annual revenue by up to 25%. In addition to Jade providing core Group IT systems, they contribute alongside SBF (and our other Group businesses) to our overall Group profits, which we use to reinvest back into the Society to create a sustainable, resilient and future-ready business for our members.”