Leeds Building Society reports record first half due to sustained mortgage growth

Leeds Building Society has reported a strong first half performance of 2016, mainly due to significant growth in mortgage lending and a reduction in impairment provisions.

The UK’s fifth largest building society has now reported sustained growth for the fifth consecutive year and has mortgage balances of £12.2bn, savings balances of £10.6bn and 738,000 members, all higher than at any time in its history.

In the first half of this year, new residential mortgage lending increased by 33% to £1.93bn, whilst net residential lending increased to £919m - marking a new record for Leeds Building Society.

During this period, the building society also helped around 4,000 first time buyers get on the property ladder.

In addition, Pre-tax profit increased by 5% to £58m, compared to £55m at the same time in the previous year.

Peter Hill, Leeds Building Society chief executive, said: “I’m pleased to report another strong set of results as we continue to help more people save and have the home they want.

“We have worked hard to provide security and value in this historically low interest rate environment. As a result, membership numbers and mortgage and savings balances are all at record levels.”

Following on from the vote to leave the EU, Peter also commented: “The Society’s financial strength leaves it well-placed to deal with any economic shocks as we continue to deliver our investment programme, further develop our customer service and remain focused on what we do well, which is help people save and have the home they want.”

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