The Skipton’s profits soar on mortgage spurt

Tim Wallace
Follow Tim
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.