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Leeds Building Society grows new lending by 35%

Leeds Building Society increased new mortgage lending by 35 per cent in 2012 to reach £1.65bn, up from £1.23bn in 2011.

Leeds’ annual results for the year to 31 December, published today, show around 30 per cent of new lending, or £497m, went towards helping 5,700 first-time buyers.

The average LTV on all new lending was 56 per cent.

Net residential lending amounted to £737m, up from £300m in 2011.

Leeds Building Society chief executive Peter Hill says the lender has drawn down £200m from the Funding for Lending scheme to date and raised £375m in the long-term wholesale market.

The wholesale funding ratio for the society fell from 19.2 per cent in 2011 to 18.8 per cent in 2012

Hill says: “We have again delivered a strong pre-tax profit performance of £52.4m, which has enabled us to further increase the security of our members’ savings as capital and reserves increased by 7 per cent to £614m.

“I am also delighted that assets and membership numbers are the highest in our history and capital and reserves are at record levels.”

Residential arrears, representing 1.5 per cent or more of outstanding mortgage balances, reduced from 3.23 per cent in 2011 to 2.89 per cent last year.

The charge for impairment losses reduced by £6.6m to £41.9m in 2012. The total residential and commercial balance sheet provisions stood at £80m by the end of 2012, down from £85m in 2011.

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