Member Article

Leeds Building Society sees strong performance as new members roll in

Leeds Building Society has reported strong interim results, aided by the rise in membership.

Pre-tax profit increased by 55% in the first half of 2014 to £38.6 million (£24.9 million to June 2013 restated), which the building society says was driven by growth and lower provisions.

The UK’s fifth largest building society provided its savers with competitive returns well above the market average, even with the current low interest rate environment, and is continuing to invest in the sustainable growth of the business.

They recorded 39k new members, taking total membership to a record 722k (35k in the first half of 2013, total 701k at June 2013)

New residential mortgage lending increased 29% to £1.19 billion (£920 million to June 2013) and in the first half of 2014 Leeds Building Society reportedly helped more than 3,100 First Time Buyers purchase homes

This accounted for 31% of the firms total lending and were active in higher Loan to Value (LTV) lending, including through the Government’s Help to Buy equity scheme.

Leeds Building Society 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.

“New brand and online improvements followed extensive consultation and our relaunched website was recognised in the Best Lender category of the What Mortgage Awards 2014.

“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.”

Photo: Courtesy of Mtaylor848 labelled for reuse under this Creative Commons license

This was posted in Bdaily's Members' News section by Clare Burnett .