Leeds Building Society celebrates record results in 2015

Chief executive Peter Hill.

Chief executive Peter Hill.

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Leeds Building Society reported record results for 2015 as it celebrated sustained growth for the fifth consecutive year.

Operating profit rose by 34 per cent to a record £108.5m while the mutual saw residential mortgage lending increase 15 per cent to £3.1bn taking gross lending in the past five years to almost £11bn, as the society continued to deliver a strong lending performance.

The society said rising customer numbers during 2015 took its membership to record levels and savings balances were greater than at any time in its history.

Peter Hill, chief executive of Leeds Building Society, said: “I’m proud to report another excellent set of results after a successful 12 months, building on the sustained growth in recent years.

“We achieved this by providing good value products, despite the historically low interest rate environment. Increasing our lending led to record levels of profit, which enabled us to increase our capital and reserves and invest further in the long-term financial strength of the society.

“As we celebrated our 140th anniversary in 2015, we helped more people than ever before to save for the future and to have the homes they want.

“And in the spirit of our founders, we continue to move with the times and innovate, to keep improving the service we offer to members.”

Borrowers have benefited from historic low rates while the economic environment has been challenging for savers. But Mr Hill said Leeds Building Society was continuing to “work hard” to provide competitive returns.

“We paid our savers on average 1.78 per cent, compared to the rest of the market equivalent of just 1.20 per cent, and all our savers receive a minimum return of 0.5 per cent, which is equivalent to the current Bank Base Rate,” Mr Hill said.

Over 2015 the mutual created 150 more jobs, taking the total number of staff to 1,300.

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