THE Skipton Building Society, which a week ago announced a £10 million drive to help build rental homes for key workers in the Yorkshire Dales National Park, has netted record profits on the back of the property price boom.
Its annual report for 2004 shows record pre-tax profits of almost £80 million, a jump of some 25% on the previous year, for the building society and its rapidly growing group of subsidiary companies.
"Record profits once again pay tribute to the philosophy of investing in complementary businesses that add vale to the core saving and borrowing business," says the report"
Facts are figures for 2004 are:
- Group Assets up 10.76% to £8.1 billion
- Society Assets up 10.33% to £7.9 billion
- Group Pre-Tax Profit up £21.9 million to £79.7 million
- Society Pre-Tax Profit up £6.0 million to £47.0 million
- Group Interest Rate Margin 1.18% (2003:1.27%)
- Society Interest Rate Margin 0.76% (2003: 0.83%)
- Society Mortgage Assets increased by 13.55%
- Society Management Expenses Ratio down from 74 pence to 63 pence per £100 assets