Leeds Building Society books record lending and saving amid membership increase

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Strong first half trading has brought record milestones for Leeds Building Society which saw its lending book swell to £2.6bn.

The mutual published interim results showing a 37% increase in lending over the first six months of the year – a period which also brought its busiest ever day of mortgage completions. It also attracted 47,500 new savings members, producing record savings balances of £22.4bn, up from £20.8bn at the end of 2023.

Membership grew to 945,300, up from 919,000 at the end of last year. The growth means the society – the UK’s fifth largest – now has record total assets of £30bn.

Unaudited figures published to investors on the London Stock Exchange show Leeds saw interest receivable and similar income grow to £773m, compared with £552.8m in the first six months of 2023. Meanwhile operating profit and pre-tax profit fell to £50.5m, down from £116.2m in the first half of last year. Underlying profit was £86.4m, an increase compared to the second half of last year which brought £65.3m.

Richard Fearon, Leeds Building Society chief executive officer, said: “I’m delighted with our record-breaking start to 2024 and our ability to support borrowers and savers so effectively over the past six months. We have continued to put homeownership within reach of more people, generation after generation, by helping 7,800 new first-time buyers take their first steps onto the property ladder whilst also supporting existing members and investing in the future of our Society.

“As a mutual we are only ever as strong as the relationship we hold with our members, and we have achieved some significant milestones that reflect their enduring loyalty. I’m confident we’re in a great position to invest in the future given our record growth in lending, savings balances and overall membership.

“I am delighted that we’ll be opening a new high street branch in Solihull in the coming months to expand our national branch network and allow us to reach more people. This complements the great strides we have made in improving our digital offering over recent years.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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Leeds Building Society books record lending and saving amid membership increase

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