Record half-year results for Leeds

Leeds Building Society today revealed record half-year interim results with assets increasing by 9% during the first half of 2005 to 6.7bn.

Pre-tax profits were 24m, and mortgage completions increased by 8% to a record 881m, compared to the same period last year.

Saving balances also rose by 179m to a record 4.3bn.

There was a big improvement in efficiency with cost asset ratio falling by 6p to just 60p – one of the lowest of any bank or building society.

Ian Ward, chief executive at Leeds Building Society, says: “We delivered a strong financial performance in the first half of 2005.

“Assets grew to a new record level of 6.7bn and record mortgage completions of 881m have been achieved during a period that has seen the housing market slowing down.

“This demonstrates that we are providing our customers with competitively priced mortgages supported by a fast and efficient service.

“We have recently shortened our name to Leeds Building Society but the cornerstones of our success will remain unchanged.

“These are flexible and innovative products combined with outstanding customer service and value for money, which we are able to offer because we are a building society. Our excellent range of savings products has delivered record savings balances of 4.3bn.

“The increase in half-year pre-tax profits to 24m illustrates that the Society is delivering profitable growth.

“This is very important to our members because it means we are financially strong, allowing us to invest in the business and continue to introduce new products and services.

“We have a very disciplined approach to cost control and we, therefore, take great care to invest in business activities that generate a significant contribution for the Society whilst ensuring we do not incur unnecessary extra overheads.

“Our cost asset ratio has reduced to only 60p from 66p during the same period last year.

“We are determined to remain a successful independent building society delivering long term value to our members.”