Profits and membership numbers rise at Skipton Building Society
Group pre-tax profits have climbed to £298.8m (2021: £271.8m) at Skipton Building Society, which today issued its results for the year ended 31 December 2022.
Underlying group pre-tax profits increased from £233.4m to £297.7m. In the same period, the society saw membership growth of 5% to 1.14 million, savings balances growth of 13.6% (2021: 5.8%) and group mortgage balances growth of 9.6% (2021: 6.8%).
2022 was the society’s largest ever year for mortgages with nearly 30,000 completions lending over £5.8bn, including support for over 17,000 customers to switch their existing mortgage with the society.
Stuart Haire, Skipton Group’s new chief executive, said: “Our performance in 2022 casts no doubt on just how valued member-ownership is, particularly during such unprecedented times for people.
“Our group has helped more people to save for their future, helped more people into homes, and it’s also sharing the success of its efforts, giving more back with clear positive impact, and reinvesting in the future for the benefit of all.
“Skipton is uniquely positioned to play a leading role in enabling and supporting homeownership. We have unrivalled insight into the UK housing market, expertise in savings and financial advice, coupled with a financially strong, resilient, and growing core business.”
Over the course of the year, the group grew its mortgage portfolio by 9.6% to £25.5bn. And the society grew its savings balances by a record 13.6% to £22.5bn.
The group’s Estate Agency division, Connells, generated profit before tax for the year of £67.5m (2021: £111.3m).
Skipton Building Society notes the higher profits in 2021 benefited from exceptional housing market demand, fuelled by stamp duty relief and people’s changing housing needs following the pandemic.
