New members boost savings to record high at building society
Leeds Building Society has reported pre-tax profits of £116.2m (H1 2022: £146.5m) in its 2023 H1 results today.
It also increased its total assets to £26.9bn (H1 2022: £24.1bn), the highest in the society’s history, and has registered record savings inflows.
An inflow of £1.4bn – which is the society’s biggest half year for new savings – lifted total savings balances to a record £19.1bn.
Richard Fearon, chief executive officer, said: “I’m proud of our continuing support for the affordable housing sector and the fact that nearly one in two of our new borrowers in the first six months of 2023 were first time buyers.
“After a long period at historic lows, interest rates have continued to rise with the effects felt by borrowers and savers alike, and we stand by both.
“As a business created to empower greater home ownership, we’ve stayed actively lending in a fast-changing market throughout 2023 and since March have accepted earlier applications for product transfers, giving existing borrowers six months before maturity to choose their new deal.
“We’ve moderated the impact of repeated Bank of England Base Rate rises by limiting increases in our standard variable rate and have worked hard to support borrowers facing financial difficulties with help tailored to their individual circumstances.”
More than 79,300 new members joined the society during the period, taking its total membership to a new high of 878,000.
Leeds Building Society adds that its arrears levels remain broadly stable at 0.63% (H1 2022: 0.62%).
The society says this demonstrates that its borrowers remain resilient and it continues to stress test for affordability at prudent levels in order to lend responsibly.
