Swimarathon backer Skipton posts pre-tax £5.7m. profit
Thursday 7th March 2013, 11:00AM GMT.
Swimming legend Roger Allsopp getting last year’s Skipton Swimarathon under way. The firm has reported a strong 2012 and its charity support will continue this year.
SKIPTON INTERNATIONAL has announced pre-tax profits of £5.77m. for 2012.
The bank, based in Guernsey but operating across the islands, reported a successful year across its three trading divisions of mortgages, offshore retail and corporate saving, and retained its number-one spot as Guernsey’s leading new mortgage provider. It has also topped 1,000 home loans in Jersey.
Parent company Skipton Building Society, celebrating its 160th anniversary, has also announced a significant rise in profits, from £22.2m. to £36.4m. for 2012.
‘This is a strong performance by our parent, which also reflects our own continuing growth in the Guernsey and Jersey mortgage and savings markets,’ said Jim Coupe, managing director of Skipton International.
‘Our business model, which includes both local mortgages and deposit accounts, is well tested, successful and robust.’
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Time for Guernsey to charge a ‘profits tax’ methinks……
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Oh no, silly me, it is every Guernsey residents job to subsidise these profits!
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Kevin
regulated entities still pay tax in Guernsey.
Don’t let the truth get in the way of a bit of Bank bashing, you carry on jumping on the UK band wagon…
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Ed,
Please explain, where does zero ten fit in then?
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kevin – the 10 in 0/10 is the 10% tax on profits paid by banks, insurance managers, fiduciaries etc (i.e. the regulated financial services businesses to which Ed was referring in his post.)
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Kevin
You ought to go and do some homework as to who is liable to what under the 0/10 regime. Unsurprisingly your comments are based on ignorance, par for the course I guess
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Gavin,
Thanks for that, I guess we are only subsidising the other 10% of their profits then!
Phil,
Well done on spotting my ignorance, I openly admit finance and 0/10 is not my specialist subject.
What I am fairly sure of is that this island was in far better financial shape before the introduction of 0/10.
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Kevin
The world changes, and with the Isle of Man going down that road we had little option but to follow, that’s the commercial reality of the situation.
There’s no point in saying how well off we were before 0/10 was introduced (thanks to the finance industry by the way) it’s the future we ought to be concentrating on, and it’s going to get worse before it gets better, you can be sure of that. Lots more redundancies on the way, and a big reduction in overall jobs in the economy that won’t be reflected in the jobless figures because guest workers will simply leave the island. That’s why we need to cut our cloth accordingly rather than crossing our fingers and hoping against hope that things will pick up anytime soon.
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kevin – yes, we were better off before zero-10, but there are a multitude of reasons for that. The boom years of the finance industry, for one.
but is is undoubtedly true that we are better off now with zero-10 than would would be if we had not introduced it, or than we will be if we simply scrapped it and didn’t remain an island where overseas investors and businesses wish to do business.
you can only play what is in front of you, and taxing companies 20% in this current environment would kill the island’s economy in a matter of years
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Poverty rates are rising in our society, listen to your self centred rubbish and go and hang your heads in shame.
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Whilst charity support is honourable indeed, when it could well be at the root of the States’ current financial problem and their inability to pay their staff a decent wage, it begs one or two direct questions.
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What about picking a random name from your client list, and paying off their mortgage.
That would be a nice way to show your thanks for the money they have given you.
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I’m sure the owners of the MUTUAL SOCIETY that is Skipton
ie the individual savers in Skipton Building Society, who have worked hard for their money
would think this a great idea.
Please read how a mutual society works before posting such nonsense.
Another trumpeter for the Bash the Banks UK bandwagon…
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