Skipton reports 14.2% mortgage balance growth
Skipton has reported its group mortgage balances grew by 14.2% in 2006.
The society also unveils a record year for 2006 as its assets reach over £10bn.
John Goodfellow, chief executive of Skiptons called its 153rd year “a milestone in its history”.
He says: “As well as having an impressive year for growth, many other financial records, including mortgage lending and retail inflows, were broken in 2006.
“However, success has not been solely the preserve of the society - the Skipton Group, with its 17 subsidiary companies, has also achieved some outstanding results.”
Skipton Group announced that at the end of December 2006 its assets were up 15.0% to £10.5bn, its pre-tax profit was up 62.0% to £147.7m, and interest rate margin was 1.02% (down 0.06% from 2005).
The building society’s assets were up 14.6% to £10.1bn, its pre-tax profit up 63.1% to £91.0m, interest rate margin was 0.72% (down 0.02% from 2005), and its management expenses ratio was down from 60p to 57p per £100 assets.
Year-on-year Group mortgage balances grew by 14.2% and retail investment balances grew by 17.5%.
Goodfellow adds: “The business has seen growth in all of its core areas; during 2006, retail balances grew by £914m, ending the year at £6.1bn.
“With regard to borrowers, rising interest rates have been fuelling speculation that repossession figures are set to rise.
“At Skipton, however, prudent lending – with applications assessed individually on their affordability merits – means this is not an issue.
“At December 31 2006, the society had only six properties in possession from a population of 73,000 loans."
He adds: “Core areas such as savings and mortgages remain at the heart of the Group, illustrated by the fact that mortgage origination through the society, Amber Homeloans, Pink Homeloans, Skipton Guernsey and the Connells Group totalled £11.5bn last year.”
Skipton has reported its group mortgage balances grew by 14.2% in 2006.
The society also unveils a record year for 2006 as its assets reach over £10bn.
John Goodfellow, chief executive of Skiptons called its 153rd year “a milestone in its history”.
He says: “As well as having an impressive year for growth, many other financial records, including mortgage lending and retail inflows, were broken in 2006.
“However, success has not been solely the preserve of the society - the Skipton Group, with its 17 subsidiary companies, has also achieved some outstanding results.”
Skipton Group announced that at the end of December 2006 its assets were up 15.0% to £10.5bn, its pre-tax profit was up 62.0% to £147.7m, and interest rate margin was 1.02% (down 0.06% from 2005).
The building society’s assets were up 14.6% to £10.1bn, its pre-tax profit up 63.1% to £91.0m, interest rate margin was 0.72% (down 0.02% from 2005), and its management expenses ratio was down from 60p to 57p per £100 assets.
Year-on-year Group mortgage balances grew by 14.2% and retail investment balances grew by 17.5%.
Goodfellow adds: “The business has seen growth in all of its core areas; during 2006, retail balances grew by £914m, ending the year at £6.1bn.
“With regard to borrowers, rising interest rates have been fuelling speculation that repossession figures are set to rise.
“At Skipton, however, prudent lending – with applications assessed individually on their affordability merits – means this is not an issue.
“At December 31 2006, the society had only six properties in possession from a population of 73,000 loans."
He adds: “Core areas such as savings and mortgages remain at the heart of the Group, illustrated by the fact that mortgage origination through the society, Amber Homeloans, Pink Homeloans, Skipton Guernsey and the Connells Group totalled £11.5bn last year.”
powered by performancing firefox
No comments:
Post a Comment