2017 Annual Results

2017 was another strong year for the Society with membership increasing by 6.4% to 919,060, continued growth in mortgage and savings balances and being ranked the top building society for customer experience.*

We remain steadfastly focused on our founding purpose of helping people own their own homes, helping them to save for their life ahead and supporting their long-term financial well-being and 2017 saw us continuing to deliver against this purpose. Some key performance figures are:

  • Group profit before tax increased by 18.5% to £200.1m (2016: £168.9m);
  • Mortgage balances grew 8.3% to £16.8bn;
  • Savings balances grew by 6.2% to £15.0bn

Being member-focused

We are constantly striving to meet the needs of our members, be that through product and service improvements, brand new products and aiming to offer excellent customer service as standard. As a mutual organisation we are driven to provide long-term good value for our members, not shareholder return, and our average savings rate was 0.52% higher than the market average during 2017. Source: CACI’s CSDB, Savings stock. The products compared include a mix of fixed and variable rates, which change from time to time.

Some of our highlights from 2017:

  • We have been ranked by our customers as the UK's top building society for customer service and we are 7th of all UK brands. The results are based on in-depth interviews with 10,000 members of the public who gave their opinions on 295 brands.*
  • We achieved a score of 92% net customer satisfaction.
  • We were the first and only financial provider to launch a Cash Lifetime ISA, helping people save towards owning their first home or save for their future.
  • We launched a new video appointment service, Skipton Link, enabling customers to talk to a savings consultant, mortgage or financial adviser without leaving home!
  • We achieved Investors in People Platinum, something held by only a handful of organisations across the UK and testament to our commitment to maintaining a team of competent, highly engaged colleagues focused on meeting customer needs.

Giving back to our communities

  • As part of our charity partnership with Alzheimer’s Society and Alzheimer Scotland, we raised £88,000 and all of our branches now have at least one colleague trained as a ‘dementia friend’. This demonstrates our commitment to be part of the nationwide movement aiming to create safe, more inclusive, understanding and friendly communities for people living with dementia.
  • Through our award winning Grassroots Giving programme, we gave £82,000 to community groups voted for by the public.
  • We also donated £150,000 to the Skipton Building Society Charitable Foundation, which enabled the Foundation to support registered charities involved in helping people of all ages across the UK.

Today we also announced the intention of a merger with Holmesdale Building Society. The merger is subject to approval by the members of Holmesdale Building Society and confirmation by the Prudential Regulation Authority. Holmesdale is based in Surrey and has one branch and 7,500 members.

In March, members will receive a copy of ‘Your Society in Focus’ a full review of 2017. Watch out for your pack or follow us on social media to hear more about our performance.

* Source: KPMG Nunwood 2017 Customer Experience Excellence Centre

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