Leeds Building Society grows membership to highest in 143-year history

Leeds Building Society is celebrating after growing member numbers to a record high in the first half of 2018.

The organisation saw its membership increase from 778,000 people in June 2017 to 809,000 this year – the highest in its 143-year history.

Total income for the six months to June 30 came in at £112.8m, up from £106.8m during the same period last year.

Pre-tax profits were down slightly, falling from £63.2m during H1 2017 to £60.1m, but the figure was dented by a one-off £6.9m charge resulting from the disposal of its Irish mortgages.

Leeds Building Society helped 20,000 more people get the home they want during the period, including 5,800 first-time buyers.

Alongside the half-year results, Peter Hill, CEO since August 2011, has confirmed plans to retire in February 2019. Chief commercial officer Richard Fearon will take over, subject to regulatory approval

Chairman Robin Ashton said: “Peter has provided outstanding vision and leadership over the past seven years, during which time the Society’s total assets and profits have more than doubled.

“I would like to thank Peter for his huge contribution to our success and wish him well for the next stage in his life.”

He added: “Richard has been Chief Commercial Officer for two and half years. He was recruited with succession in mind and has proved to be an extremely able executive director.”