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Leeds increases new lending by 20% in the first half of the year

Nick Dixon Skandia

Leeds increased its gross lending 20 per cent year-on-year in the six months to 30 June 2012.

Announcing its interim results today, Leeds revealed it had lent £921m in the first half of the year, compared to £769m in the first six months of last year.

Net lending increased by 26 per cent from £335m in the first six months of last year to £423m in the first half of this year.

Savings balances grew by £521m to a record £8.3bn in the first half of the year.

Pre-tax profit increased by 13 per cent in the first half of 2013 to £30.6m, up from £27.1m in the same period of 2012.

Leeds reduced its wholesale funding ratio to 17.4 per cent compared to 19 per cent as at 30 June 2012.

The building society added 39,000 members in the first half of 2013, taking total membership to a record 703,000.

Chief executive Peter Hill says the building society plans to increase new lending further this year.

He says: “New loans rose to £921m, which continues our commitment to the mortgage market, following our strong performance throughout 2012. We have particular expertise in the first-time-buyer sector and 30 per cent of our lending, over £280m of completions, has helped almost 3,000 members to purchase their first home.

“We intend to increase new lending further this year and recently launched our unique Welcome Mortgage range, which offers borrowers a combination of flexibility and certainty over a three or five-year term.”

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