Skipton Building Society reveals rising profits in ‘excellent’ half year figures

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Skipton Building Society today said it had achieved “excellent” half year results after recording an increase in profits and members.

In the six months to June 30 2014, the statutory group pre-tax profits were £90.0m, an increase of £61.7m from £28.3m recorded in the same period last year.

Group chief executive David Cutter said: “The society has continued to make good progress in growing its customer base, showing above-market growth in both its mortgage and savings balances.

“It has also increased its financial strength with profits and capital further improved, providing current and future members with the reassurance that they are dealing with a solid financial institution with a bright future.

“Significant investment continues to be made in the growth and development of the society, the products and services we provide, the people who make Skipton what it is, and the communities in which we operate.”

The society’s total number of customers stood at 785,675 on June 30 2014, compared with 763,407 on December 31 2013.

Earlier this week, Skipton Building Society agreed to sell its entire shareholding in The Private Health Partnership (PHP), its private medical insurance provider, to Punter Southall Health and Protection Holdings for an undisclosed sum.

John Foley of PTSG

PTSG’s results are set to be in line with board’s expectations