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Leeds Building Society records 56% profit increase

Leeds Building Society has recorded a pre-tax profit of £31.7m for 2009, up 56 per cent on the previous year.

Savings balances rose by £225m to a record level of £6.8bn, with 71,000 new members in 2009.

New lending dropped 28 per cent to £922m in 2009, compared to £1.28bn the previous year.

Capital and reserves increased from £17m in 2008 to £543m last year, with total assets of £9.5bn, including liquid assets of £1.9bn.

Chief executive Ian Ward says: “Leeds Building Society has delivered a sound performance in 2009, with rising retail balances, increased profitability and even stronger reserves further underlining its successful, sustainable business model. This, combined with our prudent approach to lending, keen cost control and strong levels of capital means that we are in an excellent position to deal with the challenging economic outlook for 2010 and beyond.”

Ward says the drop in new lending “reflected the much smaller UK market”.

He adds: “Throughout the year, we offered a wide range of mortgage products enabling many customers to remortgage or buy their first home. All of the Society’s residential mortgage lending is funded entirely by retail savings.

“Our lending policies continue to be very prudent and this is demonstrated by our average LTV on new lending in 2009 being just 50%, the same LTV as on our total residential mortgages.”

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