View more on these topics

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.”

Recommended

Dinosaurs dying on the high street

Throughout this year we have seen a stream of societies closing their high street branches. The dinosaurs are slowly dying out. As I shall try to explain, this is effectively a vote in favour of intermediary sales and a recognition that intermediaries make for a low-cost distribution channel for all mortgage lenders. Too low in […]

Britain suffers from financial myopia

Debt ridden Brits are relying on their property to help them cope financially with retirement, suggests a survey from Prudential. More than half those over-50 are in debt, compared to 68% of the population as a whole. Despite the problems being in debt can cause, just 12% of those over-50 are worried or really concerned […]

Female brokers see Red over BM Solutions icon

BM Solutions has been accused of alienating female advisers with the replacement for its Mini Alan icon, the female character Red. BM Solutions replaced Mini Alan after Alan Cleary was promoted to director of Halifax Intermediaries last month. His replacement, a red- haired female in a short black business suit, has caused concern among some […]

A&L unveils guide to ASU

Alliance & Leicester has produced a free guide for consumers on accident, sickness and unemployment cover. This follows research which revealed 56% of British workers would be unable to manage financially if they were unable to work. The research also revealed that one in five workers have no insurance and hardly any savings to fall […]

Burnett: what needs to happen for value to start performing again?

Value stocks have significantly underperformed growth stocks in Europe in the past decade. However, Rob Burnett, manager of the Neptune European Opportunities Fund, believes we are now approaching an inflection point. Watch the video below to find out more. In the video, Rob discusses: How low inflation and loose monetary policy since the global financial […]

Newsletter

News and expert analysis straight to your inbox

Sign up