Leeds Building Society maintains momentum with record results
LEEDS Building Society has today announced a strong set of half year results with savings balances, assets and membership numbers all at record levels.
In its interim results for the six months to June 30 2013, the UK’s fifth largest building society reported an increase in pre-tax profit by 13% in the first half of 2013 to £30.6m.
New residential lending increased by 20% to £921m, savings balances grew by £521m to a record £8.3bn and a further 39,000 new members were attracted taking total membership to the highest number yet, at 703,000. Assets increased by 7% to £10.8bn.
Chief executive, Peter Hill, said: “Leeds Building Society has again proven its ability to grow its lending, attract savings balances and increase its membership.
“This has led to a record level of total assets and strong profit growth. This means we are in an excellent position to increase new lending significantly in 2013 and beyond, and continue to provide our members with security, value and excellent service.”
Mr Hill said new loans rose to £921m, which continues the business’s “commitment” to the mortgage market. He said the business intends to increase new lending further this year and also highlighted the “particularly strong” ISA season, which resulted in savings balances increasing by £521m in the first half of the year, to a record £8.3bn.
He said: “As the recovery appears fragile and the economy is still some way from returning to full health, we work closely with borrowers to provide forbearance support where appropriate.”
