Skipton Guernsey Parent Unveils Strong Results for 2009
Skipton Building Society has unveiled a strong set of results for the first six months of 2009. The figures include its wholly owned Guernsey subsidiaries, Skipton Guernsey Limited (SGL) and Scarborough Channel Islands Limited (SCIL) and show the Group?s strength, despite the market turmoil of 2008 and early 2009.
Group pre-tax profits stood at £17 million for the first six months of the year, compared to £22.5 million for the whole of 2008. Retail savings balances rose by 23.5% to £10.1 billion, with 79% of total funding now coming from retail saver, which compares favourably with 69% at the end of 2008.
Group Chief Executive David Cutter said: "Our half-year results show another solid performance, having achieved the equivalent of three-quarters of our annual profits for 2008 in the first six months of 2009.
This, coupled with our continuing focus on prudence, strong liquidity and funding management, careful cost control and a willingness to seize appropriate new business opportunities emerging from the current recessionary climate, leaves me confident that we will report an increase in profits at the year-end."
Alan Bougourd, Managing Director of SGL and SCIL added, "These results are important for our customers on Guernsey, as it shows our Group is weathering the economic storms well. Our parent in the UK, Skipton Building Society, has given an undertaking to honour the security of customer deposits on Guernsey, so savers have a direct interest in knowing that the parent is strong and successful.
SGL and SCIL are leading providers of deposit and savings products for local Guernsey residents and expatriates worldwide, with a range of popular, easy to understand accounts such as the International Bonus account, currently paying up to 3.00% gross AER. SGL is also a major provider of mortgages in the local Guernsey and Jersey property markets.
SCIL is, subject to regulatory approval, scheduled to amalgamate with Skipton Guernsey at the end of September this year. Skipton Building Society is the fifth largest Building Society Group in the UK, with approximately 860,000 members and over £16bn of assets.