Home > Loan news archive > Mortgage loans boost Leeds & Holbeck profits

Mortgage loans boost Leeds & Holbeck profits

18 February 2005

Despite the downturn in the housing market, the Leeds & Holbeck Building Society has posted record profits for last year.

Pre-tax earnings jumped by 14 per cent to £41.7 million as lending and savings balances hit all time highs.

The group, which is the UK's eighth-largest society, said mortgage lending increased by 13 per cent to £1.6 billion, while its assets grew by 15 per cent to £6.1 billion.

Meanwhile, savings balances rose by £468 million to a record £4.1 billion. This total is more than a third greater than Leeds & Holbeck's natural market share.

Commenting on the record performance, chief executive Ian Ward attributed the "great achievement" to the company's careful investment strategy.

"We are very careful to invest in business activities that generate a significant contribution for the society whilst ensuring we do not incur unnecessary extra overheads," he said.