We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Name | Symbol | Market | Type |
|---|---|---|---|
| Toy.mf.n. 23 | LSE:70NN | London | Medium Term Loan |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
From Dec 2019 to Dec 2024
TIDM70NN
RNS Number : 0970L
Skipton Building Society
26 July 2011
SKIPTON'S STRONG RETURN TO LENDING SHOWS CONFIDENCE IN THE FUTURE
Skipton Building Society has increased its new lending fivefold as it keeps members' interests firmly at the heart of everything it does.
The Group's Half-Year performance shows Skipton has balanced maintaining financial strength with consistent good value for members. In spite of ongoing economic uncertainty, the UK's 4(th) largest building society remains financially strong and continues to prudently develop its business.
Profitable throughout the financial crisis, Skipton reports an operating profit before impairment losses and provisions of GBP25.7m for the six months ended 30 June 2011 (H1 2010: GBP20.4m). The Group's profits before tax were GBP6.3m (H1 2010: GBP21.7m).
Member focus
-- Gross mortgage lending increased to GBP717m in H1 2011, from GBP141m in H1 2010;
-- Residential mortgage balances increased by GBP83m in H1 2011, a significant turnaround from the decline of GBP616m seen in H1 2010;
-- Gross mortgage lending in H1 2011 represented 1.1% of the UK market, which is 40% more than the Group's market share;
-- Enabled homeownership with a market leading 95% loan-to-value mortgage for first and next-time buyers;
-- Launched innovative new savings accounts promoting financial responsibility and wellbeing, including Super ISA Feeder to help members make more of their taxable allowances in tough economic times;
-- Grew ISA balances by 7% in the period, from GBP2.40bn to GBP2.57bn;
-- Offered dependable, good value mortgages and savings for evolving needs - reflected in 388 independent media best buy table mentions between 31 December 2010 and 30 June 2011;
-- Average savings rate increased from 2.44% at 31 December 2010 to 2.56% by 30 June 2011, despite Bank Base Rate remaining historically low at 0.5%;
-- Invested in Skipton Direct to provide even better service and improved online capabilities while extending our branch presence in communities around the UK. Following the opening of 13 branches in late 2010, we now have more than 100 branches serving members and their communities.
Financially strong
-- Group operating profit before impairment losses and provisions up 26% to GBP25.7m in H1 2011 (H1 2010: GBP20.4m); Group profit before tax of GBP6.3m in H1 2011 (H1 2010: GBP21.7m);
-- Increased Core Tier 1 capital ratio year on year to 10.5% (H1 2010: 9.9%);
-- The number of Group loans where the arrears balance was greater than 2.5% of the total outstanding balance was 1.48% (31 December 2010: 1.42%) in line with the latest published CML industry figure (as at 31 March 2011) of 1.47%;
-- Further improvement in the Society's mortgage arrears performance. Accounts where the amount in arrears was >2.5% of the balance outstanding down to 0.65% of the total mortgage book from 0.66% at 31 December 2010;
-- Thanks to market confidence in our Group's strength, we successfully completed our inaugural market securitisation, raising GBP800m of funding;
-- 95% of mortgages funded by retail balances;
-- Group retail funding as a percentage of total funding reduced from 83% in H1 2010 to 78% in H1 2011, due to the cash raised from the securitisation programme;
-- Mortgage and Savings division (comprising the Society and mortgage lending subsidiaries) reported an operating profit before impairment losses and provisions of GBP12.4m in H1 2011, compared to a loss of GBP5.1m in H1 2010;
-- Loan impairment losses of GBP17.2m were recognised in H1 2011 (H1 2010: GBP3.2m; H2 2010 GBP11.6m) due to further prudent provisioning against specialist lending, commercial and other loans advanced prior to the credit crunch;
-- Group net interest margin improved to 0.50% in H1 2011, from 0.35% in H1 2010, a trend we expect to continue as we ensure ongoing sustainable profitability while providing great member value. Society net interest margin increased to 0.32% in H1 2011 from 0.13% in H1 2010. Margin held at a low enough rate to give good value to members whilst being high enough to operate the business in a prudent manner.
Market-leading financial advice
-- Financial Advice division comprising Skipton Financial Services, Pearson Jones and Torquil Clark had a successful first half of the year recording an operating profit of GBP2.5m compared to GBP1.7m in H1 2010;
-- In excess of GBP5bn of funds under management across the division with growth largely driven by Skipton Financial Services which continues to provide customers with outstanding support via a market leading investment offering, Monitored Informed Investing (MII) which now has over GBP1bn funds invested;
-- Skipton Financial Services included in the Times top 100 companies to work for.
Estate agency ahead of expectations
-- Connells Group estate agency subsidiary reported operating profits of GBP16.9m, a better-than-expected performance given the subdued market conditions in late 2010, though down from GBP29.6m in H1 2010;
-- An improved sales pipeline and recent trading activity indicate that second half performance will again be robust. During H1 2011 the sales pipeline increased by GBP14m;
-- Connells' lead indicators show the market remains cautious but is holding up well:
0 The number of properties coming onto the market was 3% higher in Q2 2011 compared to Q2 2010;
0 Second-hand house sales were 11% higher in June 2011 compared to June 2010;
0 Sales of new build properties were 44% higher in Q2 2011 compared to Q2 2010;
0 The stock of properties for sale at 30 June 2011 was 9% higher than a year earlier;
0 The number of residential mortgage valuations undertaken in the period was 6% higher than H1 2010.
Enriching communities
-- Skipton supported 47 grassroots community projects with funding from our branch Community Contribution Award pot in H1 2011;
-- GBP72,000 was awarded by the Skipton Building Society Charitable Foundation to 38 charities up and down the UK;
-- Over GBP89,000 was given to key partners, mainly in our heartland, to fund community cultural and sporting events.
David Cutter, Skipton Group Chief Executive, said: "The past six months have seen us concentrating heavily on our mutual commitment to enabling homeownership while continuing to provide good value to savers despite Bank Base Rate remaining at only 0.50%. We have increased our new lending fivefold and helped to boost market competition by offering product solutions for evolving needs, such as mortgages for low-deposit buyers and landlords.
"Considerable challenges remain in the wider economy, coupled with uncertainty over the impact of regulatory developments such as the Independent Commission's review of the banking sector. However, despite this, our confidence in the underlying performance of our business is reflected in our plans to prudently grow the business during the remainder of the year."
ENDS
For further information or to arrange interviews, please contact the Skipton Press Office on
08456 017247, email newsline@skipton.co.uk or visit the press section of our website at www.skipton.co.uk
Tracy Fletcher, Head of Corporate Communications
Tel: 01756 705855
If outside Press Office hours (8am - 6pm, Monday to Friday), please call 07867 851628
Skipton Building Society
Results for the Half Year ended 30 June 2011
Unaudited results for the half-year to 30 June 2011
Condensed consolidated income statement
Hot Features
Premium
Unaudited Unaudited Audited
------------------------------------
6 months 6 months 12 months
------------------------------------
to 30.06.11 to 30.06.10 to 31.12.10
GBPm GBPm GBPm
------------------------------------ ------------ ------------ ------------
Interest receivable and similar
income 181.8 186.8 363.6
Interest payable and similar
charges (147.2) (160.3) (308.7)
------------------------------------ ------------ ------------ ------------
Net interest receivable 34.6 26.5 54.9
Fees and commissions receivable 173.9 191.3 381.7
Fees and commissions payable (4.1) (8.9) (20.8)
Fair value gains on financial
instruments 2.0 0.2 2.0
Profit on disposal of subsidiary
undertakings - - 1.2
Share of profits from joint
ventures and associates 0.2 0.2 0.3
Other income 8.4 7.2 24.1
------------------------------------ ------------ ------------ ------------
Total income 215.0 216.5 443.4
Administrative expenses (189.3) (196.1) (395.5)
------------------------------------ ------------ ------------ ------------
Operating profit before impairment
losses and provisions 25.7 20.4 47.9
Negative goodwill arising on merger - 3.1 3.1
Impairment losses on loans and
advances (17.2) (3.2) (14.8)
Impairment losses on debt
securities - - (0.1)
Provisions for liabilities (2.2) 1.4 (1.1)
Profit before tax 6.3 21.7 35.0
Tax expense (2.4) (5.8) (9.8)
------------------------------------ ------------ ------------ ------------
Profit for the period 3.9 15.9 25.2
------------------------------------ ------------ ------------ ------------
Profit for the period attributable
to:
Members of Skipton Building
Society 4.0 16.0 25.5
Non-controlling interests (0.1) (0.1) (0.3)
------------------------------------ ------------ ------------ ------------
3.9 15.9 25.2
------------------------------------ ------------ ------------ ------------
Unaudited results for the half year to 30 June 2011
Condensed consolidated statement of comprehensive income
Unaudited Unaudited Audited
------------------------------------
6 months 6 months 12 months
------------------------------------
to 30.06.11 to 30.06.10 to 31.12.10
GBPm GBPm GBPm
------------------------------------ ------------ ------------ ------------
Profit for the period 3.9 15.9 25.2
------------------------------------ ------------ ------------ ------------
Other comprehensive income:
Available-for-sale investments:
valuation gains / (losses) taken
to equity 11.1 8.2 (0.5)
Cash flow hedges: (losses) /
gains taken to equity (1.0) 28.0 22.6
Exchange differences on
translation of foreign
operations (0.3) 0.5 1.4
Movement in reserves
attributable to non-controlling
interests (0.2) (0.3) (0.1)
Actuarial (loss) / gain on
retirement benefit obligations (1.5) (13.3) 9.7
Income tax relating to
components of other
comprehensive income (2.0) (6.3) (9.7)
------------------------------------ ------------ ------------ ------------
Other comprehensive income for the
period, net of tax 6.1 16.8 23.4
------------------------------------ ------------ ------------ ------------
Total comprehensive income for the
period 10.0 32.7 48.6
------------------------------------ ------------ ------------ ------------
Total comprehensive income
attributable to:
Members of Skipton Building
Society 10.1 32.8 48.9
Non-controlling interests (0.1) (0.1) (0.3)
------------------------------------ ------------ ------------ ------------
10.0 32.7 48.6
------------------------------------ ------------ ------------ ------------
Unaudited results for the half-year to 30 June 2011
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
------------------------------------------
as at as at as at
30.06.11 30.06.10 31.12.10
------------------------------------------
GBPm GBPm GBPm
------------------------------------------ ---------- ---------- ----------
Assets
Cash in hand and balances with the
Bank of England 527.0 1,565.7 664.6
Loans and advances to credit institutions 437.0 354.0 293.9
Debt securities 2,861.7 1,798.8 2,421.2
Derivative financial instruments 186.6 163.7 140.6
Loans and advances to customers 9,866.5 10,281.2 9,814.7
Corporation tax asset - - 1.9
Deferred tax asset 24.9 43.4 26.2
Investments in group undertakings 1.4 1.5 1.5
Intangible assets 194.5 193.7 190.9
Property, plant and equipment 87.4 95.9 89.4
Investment property 7.1 5.7 6.8
Other assets 100.7 105.7 87.8
------------------------------------------ ---------- ---------- ----------
Total assets 14,294.8 14,609.3 13,739.5
------------------------------------------ ---------- ---------- ----------
Liabilities
Shares 9,312.4 10,099.3 9,388.5
Amounts owed to credit institutions 1,122.9 813.2 853.6
Amounts owed to other customers 1,044.4 1,159.9 1,088.8
Debt securities in issue 1,206.8 869.8 846.2
Derivative financial instruments 291.7 338.1 260.8
Other liabilities 81.6 98.5 69.6
Accruals and deferred income 34.4 36.5 39.0
Provisions for liabilities 30.2 17.9 31.3
Corporation tax liability 4.2 3.4 -
Deferred tax liability 9.4 15.3 9.9
Retirement benefit obligations 28.3 56.3 31.8
Subordinated liabilities 212.1 211.8 214.2
Subscribed capital 85.3 84.1 84.7
------------------------------------------ ---------- ---------- ----------
Total liabilities 13,463.7 13,804.1 12,918.4
Members' interests
General reserve 822.5 794.0 819.6
Available-for-sale reserve 1.5 (0.2) (6.9)
Cash flow hedging reserve (0.4) 4.2 0.3
Translation reserve 4.7 4.1 5.0
Attributable to Members of Skipton
Building Society 828.3 802.1 818.0
Non-controlling interests 2.8 3.1 3.1
------------------------------------------ ---------- ---------- ----------
831.1 805.2 821.1
------------------------------------------ ---------- ---------- ----------
14,294.8 14,609.3 13,739.5
------------------------------------------ ---------- ---------- ----------
Condensed consolidated statement of changes in members' interests
Unaudited 6 months Available-for-sale Cash Translation
as at 30 June General financial flow of foreign Sub Non-controlling
2011 reserve assets hedges operations Total interests Total
-------------------
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Balance at 1
January 2011 819.6 (6.9) 0.3 5.0 818.0 3.1 821.1
Profit / (loss)
for the period 4.0 - - - 4.0 (0.1) 3.9
Other
comprehensive
income
Actuarial loss
on retirement
benefit
obligations (1.1) - - - (1.1) - (1.1)
Net gains /
(losses) from
changes in fair
value - 8.4 (0.7) - 7.7 - 7.7
Exchange
differences on
translation of
foreign
operations - - - (0.3) (0.3) - (0.3)
Movement in
reserves
attributable to
non-controlling
interests - - - - - (0.2) (0.2)
Total other
comprehensive
income (1.1) 8.4 (0.7) (0.3) 6.3 (0.2) 6.1
------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Total
comprehensive
income for the
period 2.9 8.4 (0.7) (0.3) 10.3 (0.3) 10.0
------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Balance at 30 June
2011 822.5 1.5 (0.4) 4.7 828.3 2.8 831.1
------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Unaudited 6 months Available-for-sale Cash Translation
as at 30 June General financial flow of foreign Sub Non-controlling
2010 reserve assets hedges operations Total interests Total
-------------------
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Balance at 1
January 2010 781.5 (6.2) (16.0) 3.6 762.9 3.5 766.4
Profit / (loss)
for the period 16.0 - - - 16.0 (0.1) 15.9
Other
comprehensive
income
Actuarial loss
on retirement
benefit
obligations (9.6) - - - (9.6) - (9.6)
Net gains from
changes in fair
value - 6.0 20.2 - 26.2 - 26.2
Exchange
differences on
translation of
foreign
operations - - - 0.5 0.5 - 0.5
Movement in
reserves
attributable to
non-controlling
interests - - - - - (0.3) (0.3)
Total other
comprehensive
income (9.6) 6.0 20.2 0.5 17.1 (0.3) 16.8
------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Total
comprehensive
income for the
period 6.4 6.0 20.2 0.5 33.1 (0.4) 32.7
Transfer of
engagements 6.1 - - - 6.1 - 6.1
------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Balance at 30 June
2010 794.0 (0.2) 4.2 4.1 802.1 3.1 805.2
------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Audited 12 months Available-for-sale Cash Translation
as at 31 December General financial flow of foreign Sub Non-controlling
2010 reserve assets hedges operations Total interests Total
--------------------
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
-------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Balance at 1
January 2010 781.5 (6.2) (16.0) 3.6 762.9 3.5 766.4
Profit / (loss) for
the financial
year 25.5 - - - 25.5 (0.3) 25.2
Other comprehensive
income
Actuarial gain
on retirement
benefit
obligations 6.5 - - - 6.5 - 6.5
Net (losses) /
gains from
changes in fair
value - (0.7) 16.3 - 15.6 - 15.6
Exchange
differences on
translation of
foreign
operations - - - 1.4 1.4 - 1.4
Movement in
reserves
attributable to
non-controlling
interests - - - - - (0.1) (0.1)
Total other
comprehensive
income 6.5 (0.7) 16.3 1.4 23.5 (0.1) 23.4
-------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Total comprehensive
income for the
year 32.0 (0.7) 16.3 1.4 49.0 (0.4) 48.6
Transfer of
engagements 6.1 - - - 6.1 - 6.1
-------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Balance at 31
December 2010 819.6 (6.9) 0.3 5.0 818.0 3.1 821.1
-------------------- -------- ------------------- ------- ------------ ------ ---------------- ------
Unaudited results for the half-year to 30 June 2011
Condensed consolidated cash flow statement
Unaudited Unaudited Audited
------------------------------------
6 months 6 months 12 months
------------------------------------
to 30.06.11 to 30.06.10 to 31.12.10
GBPm GBPm GBPm
------------------------------------ ------------ ------------ ------------
Cash flows from operating
activities
Profit before taxation 6.3 21.7 35.0
Adjustments for:
Impairment losses on loans and
advances 17.2 3.2 14.8
Impairment losses on debt
securities - - 0.1
Loans and advances written off,
net of recoveries (9.3) (12.8) (21.1)
Goodwill impairment - 4.8 7.5
Depreciation and amortisation 9.9 9.6 19.9
Impairment of investment
property 0.1 - 1.4
Interest on capital and
subordinated liabilities 12.0 12.3 25.1
Profit on sale of property,
plant and equipment and
investment property (1.0) - (6.7)
Negative goodwill arising on
merger - (3.1) (3.1)
Share of profits from joint
ventures and associates (0.2) (0.2) (0.3)
Profit on disposal of subsidiary
undertakings - - (1.2)
Dividends received from joint
venture 0.3 0.5 0.5
Other non-cash movements 1.9 41.7 71.3
------------------------------------ ------------ ------------ ------------
37.2 77.7 143.2
Changes in operating assets and
liabilities:
Movement in prepayments and
accrued income (16.5) (13.8) 2.3
Movement in accruals and
deferred income (21.1) (28.5) (10.6)
Movement in provisions for
liabilities (1.0) (1.6) 11.8
Movement in loans and advances
to customers (59.3) 796.1 1,192.8
Movement in shares (71.9) (556.7) (1,268.4)
Net movement in amounts owed to
credit institutions and other
customers 224.3 (178.6) (225.3)
Net movement in debt securities
in issue 360.0 (478.7) (502.5)
Net movement in loans and
advances to credit
institutions 8.0 127.2 157.5
Net movement in other assets (6.3) 5.1 17.6
Net movement in other
liabilities 5.7 25.0 (28.2)
Income taxes received / (paid) 3.8 1.0 (4.9)
------------------------------------ ------------ ------------ ------------
Net cash flows from operating
activities 462.9 (225.8) (514.7)
------------------------------------ ------------ ------------ ------------
Unaudited results for the half-year to 30 June 2011
Condensed consolidated cash flow statement (continued)
Unaudited Unaudited Audited
------------------------------------
6 months 6 months 12 months
------------------------------------
to 30.06.11 to 30.06.10 to 31.12.10
GBPm GBPm GBPm
------------------------------------ ------------ ------------ ------------
Net cash flows from operating
activities 462.9 (225.8) (514.7)
------------------------------------ ------------ ------------ ------------
Cash flows from investing
activities
Purchase of debt securities (2,544.8) (1,368.4) (3,623.8)
Proceeds from disposal of debt
securities 2,115.9 1,930.8 3,555.4
Purchase of intangible assets (3.2) (4.2) (8.9)
Purchase of property, plant and
equipment and investment property (5.1) (6.8) (11.2)
Proceeds from disposal of property,
plant and equipment and investment
property 2.1 0.2 9.8
Dividends paid to non-controlling
interests (0.6) (2.5) (3.3)
Cash acquired on transfer of
engagements - - 0.1
Purchase of subsidiary undertakings
in the year (1.4) - -
Net cash acquired with subsidiaries 0.1 - -
Further investment in subsidiary
undertakings (0.3) (20.9) (20.9)
Purchase of other business units (0.4) - -
Cash received from sale of
subsidiary undertakings 0.3 - 1.6
------------------------------------ ------------ ------------ ------------
Net cash flows from investing
activities (437.4) 528.2 (101.2)
------------------------------------ ------------ ------------ ------------
Cash flows from financing
activities
Interest paid on subordinated
liabilities (7.9) (8.3) (16.9)
Interest paid on Permanent Interest
Bearing Shares (4.1) (4.1) (8.2)
Net cash flows from financing
activities (12.0) (12.4) (25.1)
------------------------------------ ------------ ------------ ------------
Net increase / (decrease) in cash
and cash equivalents 13.5 290.0 (641.0)
Cash and cash equivalents at 1
January 755.3 1,396.3 1,396.3
------------------------------------ ------------ ------------ ------------
Cash and cash equivalents at end of
period 768.8 1,686.3 755.3
------------------------------------ ------------ ------------ ------------
Analysis of the cash balances as shown in the Statement of Financial Position:
Unaudited Unaudited Audited
------------------------------------
6 months 6 months 12 months
------------------------------------
to 30.06.11 to 30.06.10 to 31.12.10
GBPm GBPm GBPm
------------------------------------ ------------ ------------ ------------
Cash in hand and balances with the
Bank of England 527.0 1,565.7 664.6
Mandatory reserve deposit with the
Bank of England (10.8) (11.6) (11.2)
------------------------------------ ------------ ------------ ------------
516.2 1,554.1 653.4
Loans and advances to credit
institutions repayable on demand 252.6 132.2 101.9
------------------------------------ ------------ ------------ ------------
Included in cash and cash
equivalents at end of period 768.8 1,686.3 755.3
------------------------------------ ------------ ------------ ------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LQLFLFDFEBBK
1 Year Toy.mf.n. 23 Chart |
1 Month Toy.mf.n. 23 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
