Skipton Building Society profit jumps by 94%



Skipton Building Society - Operating Profit Soared in 2010

Skipton Building Society – Operating Profit Soared in 2010

Skipton Building Society’s pre-tax profit for the year ending on December 31, 2010 has recorded a 94% jump to £35 million from £18 million recorded a year earlier.

The profit from continuing operations does not include the £40 million received from the sale of Callcredit Information Group.

Business for the year also grew as total lending in 2010 stood at £481 million, compared to £407 million recorded in 2009.

Total assets for the group were registered at £13.7 billion at the end of 2010. Revenue for the year was up marginally and was recorded at £443 million compared to £440 million registered.

The company managed to bring down impairment losses to £15 million from £44 million recorded a year earlier, due to lower arrears and lesser repossessions.

Skipton’s estate agency unit – Connells, announced a pre-tax profit of £48 million.

“Skipton remains a successful mutual building society with tremendous future opportunities. It is thanks to the tireless commitment and team effort of our people that we remain optimistic about the future and our ability to overcome any future challenges which arise”, said David Cutter – Skipton Group chief executive.

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