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22 February 2011 ? Skipton International Parent Posts Strong Results

Skipton Building Society, the owner of Skipton International in Guernsey, has announced a rise in Group operating profit before tax of 94% over the year to 31 December 2010, compared to the previous 12 months.

During the year, the Group completed a business restructuring programme, which resulted in a controlled reduction of the balance sheet, including the sale of the Callcredit Information Group. Operating profit rose from £18 million to £35 million and Core Tier One Capital increased by 18% to 11.1%. The ratio of funding from retail savings balances grew to 82%, up from 79% in the previous year and total mortgage lending rose 18% to £481 million. 97% of Group mortgage lending is now funded from members' deposits.

David Cutter, Skipton Group Chief Executive, said: "Despite continued buffets from external market developments such as the impact of government austerity measures on our still-fragile economy, the Society has continued to underline its financial strength through prudent, cautious management coupled with a strategy to now grow the business whilst maintaining appropriate levels of capital and liquidity.

"We've held our margin steady at a low enough rate to give great value to members whilst being high enough to operate the business in a prudent manner.

"Skipton remains a successful mutual building society with tremendous future opportunities. It is thanks to the tireless commitment and team effort of our people that we remain optimistic about the future and our ability to overcome any further challenges which arise."

He added: "It is widely recognised that mutuals like ourselves face a rare opportunity to meet consumers' desire for greater competition, diversity and alternative solutions in financial services, in this immediate post-credit crunch environment."

Jim Coupe, Deputy Managing Director, Skipton International adds, "Strength and stability lie at the heart of our offering to borrowers and savers in Guernsey and Jersey. Our business across the Channel Islands continues to move from strength to strength and we became the number one lender in Guernsey in 2010, whilst lending in Jersey grew by 95%. We remain optimistic for the future, backed by our parent, the fourth largest building society in the UK."

For more information on Skipton International savings products, please call +44 (0) 1481 727374

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European Union Savings Tax Directive
Information for all EU Residents (including the UK)

This communication outlines the changes implemented, by the Government of Guernsey, on 1 January 2011, to the EU Savings Tax Directive ("The Directive").

Automatic Exchange of Information

If you are resident in the EU (including the UK) gross interest will be paid to you and be subject to an automatic exchange of information with The Guernsey Income Tax Authority.  This report will detail your full name, postal address, account number/s,  date of birth, place of birth, tax identification number (if known) and the amount of interest added to your account/s.  Thereafter this will be forwarded to the tax authorities in your country of residence.

If you are deemed to be "non-domiciled" for tax purposes in your country of residence, we may be able to pay you gross interest without the need to submit an exchange of information report.  To arrange this we require confirmation of your tax status, e.g.  a letter issued by the tax authorities in your country of residence or accountants.

Non EU residents will continue to receive gross interest and it remains the responsibility of individual investors to disclose the interest earned on their accounts to the relevant tax authorities.

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