View more on these topics

Skipton half-year profit nudges up to £76.8m

UK-Currency-Money-Pounds-Notes-700x450.jpg

Skipton Building Society’s total group profit before tax for H1 2016 was £76.8m, up slightly from £72.1m in the same period of 2015.

However, the result includes a contingent consideration of £9.6m from Computershare, which bought Homeloan Management from Skipton in 2014.

Skipton’s mortgages and savings arm recorded a profit before tax of £46.6m at the half-year, down slightly from £49.1m in the same period of 2015.

This represents 61 per cent of the group pre-tax profits so far this year.

Gross mortgage lending in the first six months of 2016 was £1.9bn, the same as H1 2015.

The lender’s rate of residential mortgages in arrears by three months or more has fallen to 0.81 per cent, compared to 1 per cent in H1 2015.

The Council of Mortgage Lenders says the industry average is 1.04 per cent.

The firm’s average LTV was 69 per cent in 2016 so far.

The lender got 95 per cent of its business from brokers in the first half of the year.

Skipton group chief executive David Cutter says: “With underlying group PBT of £72.1m, we’ve secured healthy profits, ensuring we continue to maintain a sustainable business – and one that remains resilient and robust, with strong capital and leverage ratios.”

The lender also set the date of 1 August 2016 to merge its financial advice business, Skipton Financial Services, into the rest of the building society.

The move will see Skipton advisers offer face-to-face financial advice in the lender’s high street branches.

The firm’s estate agent arm, Connells, logged profits before tax of £31.3m for H1 2016, up half-on-half from £27.3m in the same period of 2015.

Recommended

Home-House-Monopoly-Money-Property-700x450.jpg

Skipton Intermediaries launches broker-only three-year fixes

Skipton Intermediaries is today launching a new range of intermediary-only products for purchase and remortgage. The three-year fixed rate range includes products to 60, 75, 85 and 90 per cent LTV, with rates starting from 1.99 per cent. Brokers selling these products also get a free day one mortgage valuation and up to £500 cashback […]

Hourglass-Deadline-Time-Clock-700.jpg

Skipton Intermediaries launches ‘day one’ valuations

Skipton Intermediaries is launching ‘day one’ valuations on all its mortgage applications. The changes take place today and follow a trial of the service. A Skipton statement says: “As Skipton Intermediaries is committed to listening to its broker partners, it recognises that the number one service metric in the market is speed. “Skipton regularly reviews […]

Skipton_Branch-building-2013-700x450.jpg

Skipton BS cuts rates by up to 0.2 per cent

Skipton Building Society has reduced rates by up to 0.2 per cent across some of its two and five-year fixed rate range. The reduced rate products all include a free valuation and the range includes a two-year fix at 1.79 per cent to 80 per cent LTV with £995 fee for house purchases and a […]

Identifying best-in-class UK stocks — Mark Martin, Neptune UK Opportunities Fund

FE Alpha Manager Mark Martin assumed management of the multi-cap UK Opportunities Fund at the beginning of February. As manager of the highly regarded UK Mid Cap Fund, Martin has begun restructuring the new portfolio to focus on our very best UK stock ideas from across the FTSE All-Share Index. In this video, update Martin addresses:

– Themes informing the UK Opportunities Fund
– The multi-cap structure of the fund
– UK equity valuations

Newsletter

News and expert analysis straight to your inbox

Sign up