Leeds BS reports strong half-year figures
Leeds Building Society has announced strong half-year results, reporting savings balances and new residential lending above market share.
The unaudited interim results for the six months to 30 June 2012 show new residential lending increased by 20 per cent to £769m from £642m in the same period last year, doubling the building society’s market share.
Net lending was 79 per cent higher at £311m, compared to £174m at 30 June 2011, also above market share.
Savings balances in the first half of 2012 grew by £189m to a record £7.54bn from £127m last year and Leeds BS attracted 32,800 new members, taking total membership to 696,000.
Pre-tax profits increased to £27.1m from £26.9m and capital and reserves rose to a record £598m from £553m.
The building society’s wholesale funding ratio was 19 per cent and its liquidity ratio stood at 20.2 per cent.
Chief executive Peter Hill said: “As an independent building society, our members are also the owners. This makes for a different relationship to that which customers have with their banks.
“As a result of the trust we have built up over many years, through excellent service and good value for money products, we now have more members than at any time in our history.”
He added that Leeds BS no longer has any Treasury or sovereign debt exposure to Portugal, Italy, Ireland, Greece and Spain, saying: “We continue to focus on personal service and meeting the needs of a wide range of members.
“Our ability to attract funding gives us the capacity to offer mortgages to more and more people, including first-time-buyers.”
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