STRONG results have been posted by Skipton Building Society for the first six months of this year.

The figures, which see group pre-tax profits stand at £17m. up to the end of June, include its wholly owned Guernsey subsidiaries Skipton Guernsey and Scarborough Channel Islands.

The two subsidiaries, subject to regulatory approval, are to amalgamate at the end of next month.

The results are particularly encouraging as the group’s pre-tax profits for the whole of 2008 were just £5.5m. higher at £22.5m.

Retail savings balances rose by 23.5% to £10.1bn, with 79% of total funding now coming from retail savers, which also compares favourably with 69% at the end of 2008.

Skipton Guernsey managing director Alan Bougourd (pictured) said the results should please all local customers.

‘These results are important for our customers on Guernsey, as it shows our group is weathering the economic storms well.’