Skipton posts record profits for its bill finance business
Skipton Business Finance (SBF) reported pre-tax profits of £5.4m in 2021, up 53% from £3.6m the previous year – a record for the based lender at Skipton.
The invoice finance provider, part of the Skipton Building Society group, also said it had seen 40% loan growth and advanced £120.5m to its client portfolio in 2021, compared to £86.0 million in 2020.
Greg Bell, Managing Director of SBF, said: “I am delighted to report Skipton Business Finance delivered record profits in 2021.
“The profits we have made mean we can continue to invest in our people, our customers and, just as importantly, in our proposition, which remains committed to all spectrums of the invoice finance market.”
Additionally, the company has an overall net customer satisfaction of 98% (2020: 95%) with 98% of customers being “extremely or very satisfied” with the service they received.
Bell said: “These results truly reflect the hard work and dedication of everyone in the business and our plan now is to continue to develop our excellent customer service and further strengthen our position as a major player in the invoice financing industry.
Looking to the future, Skipton Business Finance, which has offices across the UK, says its strategic aim is to continue to grow by developing the existing business model and supporting businesses emerging from a difficult pandemic.
Bell added: “While the receivables finance market remains competitive, we are proud to be one of the leading providers of invoice finance products in the UK with a committed approach to helping our customers, some of whom have had access to government guaranteed loans through the British Business Bank and new UK SMEs in the post-pandemic era.
“Being part of the Skipton Building Society, one of the UK’s oldest and most trusted financial institutions, our business model is unique in that we don’t have costly shareholder dividends. and that we can therefore focus on understanding our customers’ businesses and developing strong, sustainable businesses and mutually beneficial partnerships with customers and business intermediaries.”