This is a 56% increase on the result for 2021 of £25.5m.
Return on Equity exceeded 30% for the first time at 36.6% and, while flattered by rises in base rates, still represented strong underlying growth from the prior year’s 25%.
During the year Skipton’s mortgage book grew strongly with completions increasing to £467m (2021: £376m). The mortgage book continues to perform well with only nine accounts in any form of arrears at year end, representing less than one in 900 mortgages.
The bank launched US Dollar savings accounts in 2022. The savings products were recognised at the Moneyfacts Consumer Awards, winning the Best Offshore Account Provider Award.
Jim Coupe, Skipton’s Managing Director, said: “I am pleased to be able to present these results on behalf of Skipton International. In a year that had its moments of turbulence in the financial markets I would like to thank my colleagues at Skipton for their hard work and exemplary focus on customer service, which delivered our third consecutive Feefo Platinum Trusted Service Provider Award.”
The full report can be viewed at: www.skiptoninternational.com/about-us.