Skipton Building Society posts £160m first-half profit
The group, which also owns estate agent Connells, says its mortgages and savings unit saw pre-tax profit jump by 48% to £128.3m in the six months to the end of 30 June, "Due principally to increases in net interest income and improved interest margins". In May, the mutual posted its highest ever month for mortgage applications, totalling £1.1bn. It also approved mortgages to 6,200 first-time buyers during the half year and extended its shared ownership offers to 95% loan to value. Connells saw its pre-tax profit fall 64% to £28.9m, with the group adding that last year the estate agent's profit was buoyed by £29.3m of fair value gains and "Exceptional housing market demand, fuelled by stamp duty reliefs and people's changing housing needs following the pandemic".