The Westmorland GazetteSkipton Building Society sees huge rise in profits (From The Westmorland Gazette)

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Skipton Building Society sees huge rise in profits

The Westmorland Gazette: RISING PROFITS: Skipton Building Society HQ RISING PROFITS: Skipton Building Society HQ

SKIPTON Building Society has seen pre-tax profits grow by £67.1m to £102.5m as its financial strength 'continues to improve'.

During 2013, the society saw customer base grow by a net 21,046, to 763,407. Group mortgage and savings balances increased by 9.2 per cent and 8.4 per cent respectively.

Total residential mortgage lending in the year was £2.4bn, up 63 per cent from £1.5bn in 2012.

The society's net lending - the growth in mortgage balances - more than doubled during the year, to almost £1.0bn from £0.4bn, an increase in balances of 9.2 per cent.

Group total assets increased by 5.3 per cent year-on-year to £14.5bn (2012: £13.8bn).

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