Lending up at Leeds Building Society

Robyn Hall

March 27, 2013

Its net residential lending of £737m (£300m 2011) was its best ever performance with savings balances growing by £384m (£329m 2011) to £7.74bn.

Assets increased also increased by 5% to a record £10.32bn (£9.86bn 2011).

It also gained 61,000 new members, taking total membership to a record 696,000, with pre-tax profits rising by 4% to £52.4m (£50.2m 2011) and capital and reserves growing by 7% to £614m (£572m 2011).

Members yesterday voted overwhelmingly for the re-election of Peter Hill and Kim Rebecchi, and for the election to the board of Robin Litten, Karen Wint, Philippa Brown, David Fisher and Phil Jenks.

This year, almost 85,000 members voted, resulting in a donation of £10,0001 to charities’ Help for Heroes, World Wide Fund for Nature, British Heart Foundation, St George’s Crypt and the Leeds Building Society Charitable Foundation.

Robin Smith, chairman said: “We have once again received overwhelming support from our members, with each director receiving over 95% of votes in favour, and this endorses the Society’s successful, sustainable business model.

“I am proud to report that Leeds Building Society has delivered another very strong set of financial results. Despite the demanding market conditions, which have prevailed since the onset of the financial crisis in 2007, we have achieved an excellent performance in our core markets and total assets now exceed £10bn.

“Residential mortgage completions increased by 35% to £1.65bn, net residential lending was almost two and a half times higher than 2011, at £737m, and retail savings balances grew by £384m, a rise of 5%. I am also delighted that assets and membership numbers are the highest in our history and capital and reserves are at record levels.

“This increase in new residential lending represents almost double our market share. Furthermore, £497m of our new lending, almost 30%, has helped 5,700 first-time-buyers onto the housing ladder. Our net savings growth was significantly above our market share and 39,000 new savings members were attracted by the security and value we provide.

“I am able to retire as Chairman in the confidence that the Society is in an extremely strong position. My thanks go to my professional and dedicated colleagues who have worked tirelessly over many years to deliver these excellent results and a superior service to our members.

“Finally, I would like to thank our members for all their support and commitment. Leeds Building Society would not exist without them and I have been privileged to serve them as Chairman for the last six years. I am delighted that they choose to be part of such a successful, independent and mutual institution.”

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