Performance
2023 was another successful year for Skipton.
Skipton had another excellent year with strong growth in mortgage lending and profitability. Over 2023 the bank delivered a Profit Before Tax of £47.3m, an 18% increase on 2022. Return On Equity was 39.9% and, whilst flattered by rises in base rates, still represented strong underlying growth from the prior year’s 25%.
Skipton’s mortgage book performed strongly with completions of £375m (2022: £467m). The mortgage
book continues to perform well with only 17 accounts in any form of arrears at year end (2022: 9 accounts),
representing around 1 in 500 accounts (2022: 1 in 900). There were 4 arrears cases over 3 months (2022: 0 cases).
Financial Summary
The below graphs summarises Skipton International’s major assets and financial performance, demonstrating the solid, sustained growth of the bank.
| Year / £m | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Savings Balances | £1,645 | £1,937 | £2,051 | £2,196 | £2,446 |
| Mortgage Balances | £1,437 | £1,598 | £1,734 | £1,864 | £2,105 |
| Capital | £86 | £93 | £98 | £106 | £139 |
| Total Assets | £1,743 | £2,058 | £2,164 | £2,408 | £2,658 |
| Year / £m | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Total Income | £26.9 | £28.5 | £34.7 | £50.8 | £59.7 |
| Expenses | -£7.7 | -£8.6 | -£9.2 | -£10.3 | -£11.9 |
| Profit before income tax | £21.2 | £19.9 | £25.5 | £39.9 | £47.3 |
| Income Tax | -£2.0 | -£2.0 | -£2.5 | -£4.0 | -£4.8 |
| Profit for the year | £19.2 | £17.9 | £23.0 | £35.9 | £42.5 |
Performance Charts
The following charts show year-on-year performance comparisons.
Total Assets (£bn)
Mortgage Book (£bn)
Gross Mortgage Lending (£m)
Deposits (£bn)
Capital (£m)
Profit Before Tax (£m)
Download our 2023 Financial Statements
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2023 Results UpdateDownload our 2023 results pack.Skipton Finance Report 2023