The Skipton’s profits soar on mortgage spurt

 
Tim Wallace
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PROFITS jumped 75 per cent in 2014, the Skipton Building Society said yesterday, as it increased its mortgage and savings books rapidly.

The UK’s fourth largest mutual reported pre-tax profits of £181.6m for the year, up from £103.2m in 2013.

The Skipton attracted an extra 31,276 members, raking its total to 794,739. They helped it increase savings balances by £1.2bn to £11.4bn, an 11.7 per cent rise on the year.

At the same time its mortgage book grew by £1.3bn to £12.7bn, an increase of 11.2 per cent.

Despite rates staying very low, it increased its net interest margin from 1.01 per cent to 1.4 per cent.