The group’s net residential UK mortgage lending accounted for 4% of the growth in the UK residential mortgage market compared to its 1.3% share of UK residential mortgage balances.

The UK’s fourth largest building society also increased its savings balances by 7.6% to £17.4 billion and paid an average savings rate of 1.29% during the year, which was on average 0.54% above the rest of the industry.

Lifetime ISAs have been a success for the society with the total number of LISA customers rising to 158,850 from 129,707 at the end of 2018. Total balances increased to £876.5 million including government bonuses of £89 million received by customers during 2019; this up from £602.4 million the year before. Skipton’s LISA has helped 15,255 homes to be bought since it launched two year ago.

Group total assets increased by 9.9% during the year to £25.5 billion from £23.2 billion the previous year.

David Cutter, Skipton’s group chief executive, said: “This is a solid and balanced performance which has seen us increase our membership and increase our mortgage and our savings balances at rates above our natural market share, despite a subdued housing market and highly competitive mortgage market.

“In the face of a challenging operating environment, Skipton has continued to deliver first class service and value to its members.

“We have continued to invest in our business for the benefit of current and future members, we have launched an app for our customers, which saw 100,000 registrations during the year, and we have made some major changes to our financial advice offering, making it more personal, affordable and straightforward and hence accessible and relevant to more people.”