Leeds BS increases lending by 22%

Leeds Building Society has increased mortgage lending by 22 per cent year-on-year.

The society’s interim results, covering the first six months of the year, show it lent nearly £1.5bn to borrowers in H1 this year, up from around £1.2bn in the same period of 2014.

Net lending increased 49.7 per cent from £446m to £668m over the period.

Leeds increased pre-tax profits by 42 per cent from £38.6m to £55m over the period, while income increased 9.8 per cent from £98.3m to £108m.

Leeds chief executive Peter Hill says: “We anticipate a modest increase in the size of the mortgage market for 2015 and expect competition for new business to intensify as established lenders and new entrants look to achieve market share.

“Despite this, and the uncertainty in the Eurozone, we remain very well placed to deal with any economic shocks, deliver our investment programme, further develop our service proposition and continue to provide value to our members.”