Leeds Building Society achieves record results following five years of "sustained growth"

Leeds Building Society has reported record results for 2015 as it sees “sustained growth” for the fifth consecutive year.

The Society reached its highest level of mortgage completions in 2015 at £3.1bn, taking gross lending in the past five years to almost £11bn.

2015 also saw a substantial rise in new customers, which took the Society’s membership to record levels and savings balances were greater than at any time in its history.

For its full-year results ending in December 2015, the Society’s operating profit rose by 34% to a record £108.5m, compared with £80.9m in 2014. Pre-tax profit also increased by 23% to £108.5m (£87.9m 2014).

As well as new residential mortgage lending increasing by 15% to to £3.1bn, the Society also achieved its best performance ever in net residential lending with £1.4bn.

During this period, the Society gained a further 22,000 new members, taking total membership to a record 719,000.

Peter Hill, Leeds Building Society chief executive officer, said: “I’m proud to report another excellent set of results after a successful 12 months, building on the sustained growth in recent years.

“We achieved this by providing good value products, despite the historically low interest rate environment. Increasing our lending led to record levels of profit, which enabled us to increase our capital and reserves and invest further in the long-term financial strength of the Society.”

“As we celebrated our 140th anniversary in 2015, we helped more people than ever before to save for the future and to have the homes they want.

“And in the spirit of our founders, we continue to move with the times and innovate, to keep improving the service we offer to members.”

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