Building society’s ‘strong’ results

Leeds Building Society has reported “strong” interim results, after a record year in 2013.
Leeds Building Society chief executive Peter HillLeeds Building Society chief executive Peter Hill
Leeds Building Society chief executive Peter Hill

Over the last half year, the mutual attracted 39,000 members, taking total membership to a record 722,000.

Pre-tax profit increased by 55 per cent in the first half of 2014 to £38.6m.

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Leeds Building Society chief executive Peter Hill said: “I’m very pleased to report we have increased our membership, mortgage lending and market share to record levels as we continue to invest in the society, its people and systems to keep growing in a strong and sustainable way. Savings balances have grown to the highest level in our history, which means that all our residential mortgage lending continues to be funded by members’ savings.

“We paid an average of 2.27 per cent across our savings range, compared to the market average of 1.51 per cent and all our savings accounts paid at least 0.5 per cent, which is equivalent to today’s Bank Base Rate.

“This spring’s Member Loyalty Bond - launched exclusively to existing customers with a competitive return of 2.75 per cent gross pa/AER fixed for three years and 50 per cent penalty-free access - was our most popular ever.

“Significant investment in the society has continued during the first half of 2014 to ensure we continue to offer our members outstanding personal service and we are proud to have achieved a Net Promoter Score of +455. New brand and online improvements followed extensive consultation and our relaunched website was recognised in the Best Lender category of the What Mortgage Awards 2014. We now employ more than 1,100 colleagues, the largest number in the society’s history, and further jobs will be created during 2014.

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“Our continued strong performance in the first half of 2014 follows a record year in 2013 – this, combined with the progress in delivering our investment programme, enables us to look ahead with a high level of confidence for the business, colleagues and our members.”