Leeds Building Society reports results as CEO Peter Hill hands over to Richard Fearon

Exiting: Peter Hill.
Exiting: Peter Hill.
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Leeds Building Society said it reported “another set of strong results” as its retiring CEO Peter Hill hands over to his successor, Richard Fearon.

The UK’s fifth largest building society reported pre-tax profit of £116.9m, down from £120.9m in 2017, for the year ended December 31, 2018.

The mutual also delivered net lending of £1bn. Mortgage balances increased by 6 per cent to £15.8bn, while total assets rose by 5 per cent to £19.4bn.

Mr Fearon said: “Our robust 2018 caps off Peter’s successful tenure at the head of Leeds Building Society and I’m proud to take over from him as I look ahead to the future and the next stage of our development.

“Under Peter’s leadership the Society’s total assets and profits have more than doubled, giving us the platform to keep growing sustainably and focusing on what matters to our members, as we carry on striving to offer them security and value.

“Building societies, including our own, have been around a long time but have always embraced innovation and we’ll continue to adapt as the pace of change in modern financial services moves ever faster.

“Investment during 2019 will be the highest in our history so we can carry on helping more members save and have the home they want, while increasing our digital capability and moving forward with pace and focus to meet and surpass their expectations.

“This is possible thanks to the fact we’re financially stronger than we’ve ever been, because of our sustained and carefully-managed growth, supported by record profits in recent years.”