Building Society reports profit

28/07/2010

Yorkshire-based Skipton Building Society has reported a nearly 50% increase in its half-year profits to £21.7 million, thanks to the society's 'modern mutual' approach.
The rise in profits in the six months to June 30 compares with £14.7 million pre-tax profit recorded during the same period in 2009.
Losses in the society's core mortgage and savings business were compensated by outstanding performance by its estate agency and financial advice divisions.
The group's diversified business structure enabled it to reduce losses in its mortgage and savings business to £5.7 million from £9.1 million this time last year.
Chief executive David Cutter said: "A 48% increase in profit and 34% increase in our tier one capital ratio is a very pleasing performance compared to our June 2009 results. But there is no room for complacency.
"Uncertainty stemming from fears over the financial stability of certain European nations and the impact of the government's austerity package has highlighted the need for continued vigilance."
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