But pre-tax profit still hits £31 million
Skipton International’s mortgage book saw a slight decline in 2024, with total completions reaching £167 million compared to £375 million the previous year.
Despite this, the Guernsey-licensed bank, part of the Skipton Group, reported a pre-tax profit of £31 million and a return on equity of 19.9%. It also stated that its loan portfolio remains strong.
Skipton International said it also maintained its Feefo Platinum Trusted Service provider award for the sixth consecutive year and was named Moneyfacts Offshore Account Provider of the Year for the fourth year in a row.
“The bank’s success is due to the loyalty of our customers and colleagues, and I would like to thank them all,” said Jim Coupe (pictured), chief executive of Skipton International, commenting on the bank's annual results.
Skipton Group has earlier reported a fall in profit for 2024 despite strong lending growth. The group’s profit before tax fell to £318.6 million, down from £333.4 million in 2023. The group paid £377 million more in interest year-on-year, which contributed to a reduction in its net interest margin to 1.28% from 1.53% in 2023.
Reflecting on market conditions, Coupe acknowledged economic uncertainty but highlighted the bank’s ability to navigate challenges.
“In a year that had its moments of turbulence in the financial markets my colleagues at Skipton deserve special recognition for their hard work and exemplary focus on customer service at all times,” he said.
He also reaffirmed the bank’s core offerings, including Channel Island residential and buy-to-let mortgages, UK buy-to-let loans for expatriates and overseas residents, and offshore savings accounts.
Coupe, who has served as CEO for 14 years, will soon step down from the role.
“I send my successor my very best wishes and am pleased to be handing over the business with such strong financial news,” he said.
Skipton International offers offshore savings accounts and mortgages. It was recognised as the Offshore Bank Provider of the Year by Moneyfacts in 2021, 2022, and 2023, and received the Mortgage Introducer Top Mortgage Employer Award in 2022, 2023, and 2024.
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