Strong performance and record membership for Leeds Building Society
PRE-TAX profits have risen at Leeds Building Society as it announces a record number of members and a strong first half.
The UK’s fifth largest building society increased pre-tax profit by 55% to £38.6m (£24.9m to June 2013 restated), driven by growth and lower provisions, it said.
The mutual saw 39,000 new members, taking total membership to a record 722,000 (35,000 in the first half of 2013, total 701,000 at June 2013).
Savings balances grew in the first half of 2014 by £476m (£521m to June 2013) to £9.1bn, the highest level in the society’s history – and new residential mortgage lending increased by 29% to £1.19bn (£920m to June 2013), which it said is significantly above its market share.
Chief executive Peter Hill said: “I’m very pleased to report we have increased our membership, mortgage lending and market share to record levels as we continue to invest in the Society, its people and systems to keep growing in a strong and sustainable way.
“We now employ more than 1,100 colleagues, the largest number in the society’s history, and further jobs will be created during 2014.
“Our continued strong performance in the first half of 2014 follows a record year in 2013 – this, combined with the progress in delivering our investment programme, enables us to look ahead with a high level of confidence for the business, colleagues and our members.”
