Bumper year for Skipton

Monday 02 March 2015

Channel Island bank Skipton International has reported strong growth in both mortgage lending and savings for 2014.

The bank saw its savings book grow by 14.7% from £784m in 2013 to £899m last year. Likewise its mortgage lending also reported similar growth, rising from £689m to £791m, a growth of 14.2%.

The local bank’s growth reflects an outstanding year for its parent company, Skipton Building Society (SBS) in the UK, where the society’s profits rose to £182m, up 75% year on year. SBS is the UK’s fourth largest building society, and saw its savings balances grow by 11.7% to £11.4bn last year, and mortgage lending rise 11.2% to £12.7bn. The Society’s credit ratings were also upgraded by both Fitch and Moody’s during the year.

Skipton Group Chief Executive David Cutter, said: "2014 was an outstanding year for Skipton Building Society. We have taken our mutual proposition to a growing number of mortgage and saving members whilst further improving the financial strength of the Society. We remain acutely conscious of the impact of the low interest rate environment on savers and the Society’s approach and competitiveness is demonstrated by a strong growth in retail savings balances.

"We remain committed to listening to our members to understand and deliver what is important to them and providing a service with a human touch. It was particularly pleasing for Skipton to be ranked the 13th highest performer out of 263 brands, and the third highest financial services provider, in Nunwood’s 2014 UK Customer Experience Excellence study.’

Skipton International is a wholly owned subsidiary of Skipton Building Society, while also being licensed in Guernsey.

Managing Director Jim Coupe said: "It is excellent news to see Skipton International and our parent company performing so well in what is still a challenging environment, particularly for savers. Our success is further proof that the mutual values we retain here in Guernsey, that of excellent customer service and transparent products with a prudent approach to lending and investing, work and are appreciated by our customers."