Peter Hill

Peter Hill of Leeds Building Society

Record start to 2017 for Leeds Building Society

A rise in members helped Leeds Building Society achieve record results for the first half of 2017.

Strong mortgage growth drove a 9% increase in pre-tax profits to £63.2m for Leeds Building Society during the first half of the year.

The Society also helped over 41,000 more people to save during the period, increasing total savings balances by a record £1.3bn to £12.5bn.

This in turn has led to an increase in members at the Society which now stands at 778,000, up from 756,000 in December, the highest in the company’s history.

CEO Peter Hill said: "I'm proud to report another strong performance for the first half of 2017, in a climate of political and economic uncertainty.

"We make our business decisions in the best interests of all our members, whether they're savers or borrowers.

“Because we're a mutual we are able to take a longer-term view so we can grow in a responsible and sustainable way and help as many people as possible to save and have the home they want.”

Hill also believes that, despite the current economic turbulence post-Brexit, the company is well positioned for the future.

He added: "The repercussions of last year's EU Referendum vote are likely to be felt for some time to come, compounded by the UK General Election result in June.

"House price growth has softened and the number of mortgage approvals in the market has remained relatively flat, at a time when lenders are also working through the detail of extensive regulatory change.

"Despite this outlook, the Society's strong foundations ensure it remains financially stable and secure, and well-placed to meet any challenges that may arise in the remainder of 2017 and beyond."