Leeds Building Society delivers 'solid performance' over half year
Leeds Building Society said it delivered a solid performance in the first half of 2026, as it continues to see “significant opportunity” during a period of economic uncertainty.
The society’s half year profit before tax was £70.7m, which is below the £104.4m recorded in the same period last year. The mutual said this figure was in line with its growth plans and expectations. The UK’s fifth-largest building society has assets of £32.9 billion and a total membership of around 1m.
It revealed that savings balances increased to £26.4 billion from £25.5 billion in the same period last year while gross mortgage lending “remained strong” at £2.0 billion, which is below the £2.6 billion recorded in the first half of 2025.
The mutual said that investment into the multi-year modernisation of the society’s core technology platform continues, with mobile app development and testing underway.
Branch refurbishment work also continues, with the York branch now refurbished and extra work in Reading and Kendal planned as part of the programme.
Annette Barnes, Leeds Building Society’s Chief Executive Officer, said: “I’m proud of all that we have achieved as a society in the first half of 2026, as we delivered a performance in line with expectations.
"Our rate of growth in the first half of 2026 reflects the deliberate investment choices we have made, including the multi-year modernisation of our core technology platform, which is now in the build phase.
"We will continue to invest for the future, in line with our plan to enhance member value and set us up for continued success over the long-term. Supporting people into homes is central to everything we do, and in the first half of 2026 we helped 13,000 people onto and up the housing ladder, almost half of whom were first-time buyers. I’m delighted that we continued to lend responsibly and launch innovative products to meet members’ needs.
“Looking ahead we see significant opportunity, despite economic uncertainty. Our financial strength and focused strategy mean that we are well positioned not only to navigate change, but to pursue opportunities that strengthen the society and will create lasting value for members for generations to come.”
The society, which employs 1,800 staff altogether, said its fraud clinics continue to prove “extremely popular” with members, with more than 2,000 families helped since they first launched in 2025.
Ms Barnes told The Yorkshire Post that the mutual had made “deliberate investment choices” and its mobile app is set to go live later this year. She said the mutual was also proud of the work it was carrying out to upskill its staff.