Leeds posts strong results

LEEDS Building Society has revealed strong results for 2010 and said it plans to increase new lending this year.

During 2010, operating profit increased by five per cent to a record £84.5m, compared with £80.1m in 2009.

Pre-tax profit rose by 33 per cent to £42.22m while the savings balances grew by £245m to a record level of £7bn.

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New lending increased by seven per cent to £984m while 52,000 new members were attracted, taking total membership to a record 684,000.

Chief Executive, Ian Ward, said: “Leeds Building Society has again delivered a very good set of financial results despite the continuing challenges for the financial services sector. Another year of record operating profit, record savings balances and 52,000 new members demonstrates that our successful, sustainable business model continues to deliver security and value.

“In 2011, we plan to increase our new lending by at least 25 per cent to around £1.25bn. This will be welcomed by home buyers as we provide more capacity and choice to the UK mortgage market. Superior efficiency remains an integral part of our strategy and this is demonstrated by our cost income ratio. This improved further, reducing from 36 per cent in 2009 to 34 per cent in 2010, which is likely to be the most favourable of any major building society.

“Leeds Building Society has again proven its ability to deliver higher levels of profitability, savings balances and new mortgage lending as well as an increase in members and very strong capital and reserves. This means that we are in an excellent position to increase new lending significantly in 2011 and continue to be a successful, independent building society throughout this year and beyond

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