Leeds Building Society reports unparalleled growth in both lending and savings, marking a successful first half of 2024. The society’s achievements underline its appeal to new members and its robust financial health.
With an increase in membership and impressive financial results, the society is poised for continued success and investment in future opportunities.
Record-Breaking Lending and Savings Performance
Leeds Building Society has achieved significant milestones in the first half of 2024, with its lending book increasing to a remarkable £2.6 billion. This represents a 37% growth in lending compared to the same period the previous year. The society experienced its busiest day ever for mortgage completions, demonstrating the strength of its lending operations.
In addition to record lending, Leeds Building Society welcomed 47,500 new savings members, driving savings balances to an unprecedented £22.4 billion. This growth, up from £20.8 billion at the end of 2023, reflects the society’s strong appeal to savers amidst economic uncertainties. Such performance indicates both robust financial health and growing consumer trust in the society.
Growing Membership and Asset Base
The society has seen a notable increase in its membership, reaching 945,300 members, up from 919,000 at the end of last year. This growth underscores the continuing trust and loyalty of its members, which are essential for mutual societies.
The total assets of Leeds Building Society have also hit a record £30 billion. This marks it as the UK’s fifth-largest mutual society by asset size, highlighting its strong market position and potential for future growth. Such achievements are seen as milestones in the society’s ambitious growth agenda.
Financial Performance Overview
Unaudited figures reported on the London Stock Exchange reveal that Leeds Building Society’s interest receivable and similar income rose to £773 million. This is a significant increase from £552.8 million in the comparable period of 2023, illustrating robust income generation capabilities.
However, operating and pre-tax profits declined to £50.5 million, down from £116.2 million in the first half of the previous year. Despite the decrease, underlying profit improved to £86.4 million, up from £65.3 million in the latter half of last year. This improvement suggests a solid underpinning financial performance despite headline profit challenges.
Chief Executive Officer Richard Fearon expressed satisfaction, noting the society’s ability to support borrowers and savers while investing in future growth directions.
First-Time Buyer Assistance
In alignment with its commitment to supporting homeownership, Leeds Building Society facilitated 7,800 new first-time buyers in their property purchases. This significant contribution helps to put homeownership within reach for many, particularly in challenging market conditions.
The society emphasises its dedication to both new and existing members, ensuring continued support and financial services that meet evolving needs. This strategic focus is central to the society’s mission and identity as a member-first institution.
Future Expansion Plans
Richard Fearon highlighted plans to expand the society’s national branch network, with a new high street branch set to open in Solihull. This development is part of a broader strategy to increase accessibility and service reach across the UK.
Alongside physical expansion, the society has been making significant advancements in its digital offerings, enhancing the convenience and efficiency of its services. Digital transformation remains a priority, ensuring that Leeds Building Society remains competitive in an increasingly digital financial landscape.
These expansion efforts reflect the society’s proactive approach to meeting the needs of a diverse member base, balancing physical presence with technological innovation.
Member-Driven Success
Leeds Building Society’s achievements are fundamentally driven by member relationships and trust. This member-centric approach fosters loyalty and ensures that the society remains attuned to member needs.
Chief Executive Richard Fearon attributes the society’s success to this foundational relationship with its members, which has enabled milestones such as record growth in lending and saving metrics.
The society’s commitment to its members is also reflected in the planned expansion of services, ensuring sustained relevance and success in the years ahead.
Conclusion of Current Achievements
In conclusion, Leeds Building Society’s impressive performance in lending, savings, and membership growth highlights its robust operational foundation and future potential.
Leeds Building Society’s strong financial performance and strategic initiatives position it well for future expansion, supporting both new and existing members effectively.
