On Wednesday 24 February Skipton Building Society announced increased group profits to £63.5m - despite some of the most difficult trading conditions the Society has seen in its 157 year history.
The results show our financial strength has increased significantly. The Group's ongoing success is down to our uniquely diversified business model – as well as a pragmatic approach to decision making and a clear plan for steering the business through the further challenges which undoubtedly lie ahead in the marketplace.
Highlights include:
- Total Group pre-tax profit up by £41.0m to £63.5m (2008: £22.5m).
- Retail balances increased by £2.3bn, or 29%, to £10.5bn. Saving membership up by 145,000 to 700,000, also mainly as a result of the Scarborough Building Society merger.
- Group mortgage assets increased by £1.3bn to £10.7bn, mainly as a result of the Scarborough Building Society merger.
- Tier One capital ratio up 20% to 10.8% (2008: 9.0%)
- Our estate agency business, Connells, produced an exceptional trading performance, recording a profit of £54.1m (2008: £10.4m), due to improved trading conditions and tight cost control;
- The sale of our credit and marketing services subsidiary, Callcredit Information Group, in December, boosted profitability by approximately £40m and increased capital.