Channel Island mortgage provider and bank Skipton International has reported increased profits of almost £3 million in 2013
Profit before tax increased to £8.75 million, from £5.78 million in 2012 while mortgage lending rose by 10%.
Managing Director of Skipton International, Jim Coupe said: “The 10% increase in mortgage lending goes hand in hand with our very low level of mortgage arrears which demonstrates the effectiveness of our underwriting and our understanding of the local market. I believe that our success has come from listening to our customers and understanding the Channel Island communities in which we live and operate, and 2014 looks set to be another record year for us.”
In Jersey, Skipton International was the only mortgage lender to support the Deposit Loan Scheme set up by the States to enable Islanders without a large deposit to purchase their first home. In Guernsey, it was the leading supplier for new mortgages for the fourth year running.
Skipton International also launched a new UK mortgage product for islanders who want to invest in UK buy-to-let properties during 2013, and maintained its Next Generation Mortgage, which help buyers get on the property ladder with the support of parents and family members.
Last year was Skipton International’s second year as a stand-alone bank, maintaining all its own assets separately to its parent, Skipton Building Society. During 2013, the bank invested in technology to improve its customer service, launching a new eMortgages platform to improve the turn round time of applications.
Skipton International also continued its commitment to investing in the community. The Skipton Open Studios art project in Jersey saw a trebling of visitors in 2013, whilst the Skipton Swimarathon in Guernsey saw over 1,500 swimmers taking part in the charity fundraiser.
During 2013 Skipton International was named Best Offshore Account Provider in the Moneyfacts Awards
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