SKIPTON Building Society has reaffirmed its commitment to remaining a mutual organisation owned by its members rather than by shareholders.
Announcing pre-tax profits up 16.8 per cent to £58.5 million, Skipton chief executive and director John Goodfellow said the society had made "further significant progress" in the past year.
He said the Skipton had returned £50 million to its members via the society's margin, when compared to a typical mortgage bank, while almost £50 million was given to members through an interest credit scheme.
Mr Goodfellow said Skipton's board had confirmed that "members' interests are best served by their society remaining an independent mutual organisation."
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