2012 saw net residential lending at Leeds Building Society reach almost two and a half times the level of the previous year, at £737 million.
The UK’s fifth largest building society, also reported that residential mortgage completions increased by 35% to £1.65 billion and retail savings balances grew by £384 million, a rise of 5%.
Robin Smith, the Leeds’ chairman said: “This increase in new residential lending represents almost double our market share. Furthermore, £497 million of our new lending, almost 30%, has helped 5,700 first-time-buyers onto the housing ladder. Our net savings growth was significantly above our market share and 39,000 new savings members were attracted by the security and value we provide.”
At yesterday’s Annual General Meeting, members voted overwhelmingly for the re-election of Peter Hill and Kim Rebecchi, and for the election to the Board of Robin Litten, Karen Wint, Philippa Brown, David Fisher and Phil Jenks.
This year, almost 85,000 members voted, resulting in a donation of £10,0001 to this year’s charities – Help for Heroes, World Wide Fund for Nature, British Heart Foundation, St George’s Crypt and the Leeds Building Society Charitable Foundation.
Smith added: “We have once again received overwhelming support from our members, with each director receiving over 95% of votes in favour, and this endorses the Society’s successful, sustainable business model.
“I am proud to report that Leeds Building Society has delivered another very strong set of financial results. Despite the demanding market conditions, which have prevailed since the onset of the financial crisis in 2007, we have achieved an excellent performance in our core markets and total assets now exceed £10 billion.
“I am able to retire as chairman in the confidence that the Society is in an extremely strong position. My thanks go to my professional and dedicated colleagues who have worked tirelessly over many years to deliver these excellent results and a superior service to our members.
“Finally, I would like to thank our members for all their support and commitment. Leeds Building Society would not exist without them and I have been privileged to serve them as chairman for the last six years. I am delighted that they choose to be part of such a successful, independent and mutual institution.”
