Skipton Building Society is the latest mutual to report growing profits as more house buyers applied for its mortgages.
The UK's fourth largest building society reported underlying pre-tax profits of £148.5m in the six months to the end of June, up from £122m in the same period of 2021. Its mortgages and savings division generated pre-tax profit of £128.3m - a £41.4m increase on last year, thanks to increases in net interest income and improved interest margins.
Skipton said May was its highest ever month for mortgage applications, totalling £1.1bn, and over the six month period its entire mortgage portfolio grew 3.1% to £24bn. Meanwhile, savings balances grew £1.2bn to £21bn overall.
