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Strong member support for Leeds Building Society AGM – 26th March 2013

Leeds Building Society, the UK’s 5th largest building society, held its Annual General Meeting in Leeds earlier today. Members voted overwhelmingly for the re-election of Peter Hill and Kim Rebecchi, and for the election to the Board of Robin Litten, Karen Wint, Philippa Brown, David Fisher and Phil Jenks.

This year, almost 85,000 members voted, resulting in a donation of £10,000¹ to this year’s charities - Help for Heroes, World Wide Fund for Nature, British Heart Foundation, St George’s Crypt and the Leeds Building Society Charitable Foundation.

Robin Smith, Chairman said, “We have once again received overwhelming support from our members, with each director receiving over 95% of votes in favour, and this endorses the Society’s successful, sustainable business model.

“I am proud to report that Leeds Building Society has delivered another very strong set of financial results. Despite the demanding market conditions, which have prevailed since the onset of the financial crisis in 2007, we have achieved an excellent performance in our core markets and total assets now exceed £10bn.

“Residential mortgage completions increased by 35% to £1.65bn, net residential lending was almost two and a half times higher than 2011, at £737m, and retail savings balances grew by £384m, a rise of 5%. I am also delighted that assets and membership numbers are the highest in our history and capital and reserves are at record levels.

“This increase in new residential lending represents almost double our market share. Furthermore, £497m of our new lending, almost 30%, has helped 5,700 first-time-buyers onto the housing ladder. Our net savings growth was significantly above our market share and 39,000 new savings members were attracted by the security and value we provide.

“I am able to retire as Chairman in the confidence that the Society is in an extremely strong position. My thanks go to my professional and dedicated colleagues who have worked tirelessly over many years to deliver these excellent results and a superior service to our members.

“Finally, I would like to thank our members for all their support and commitment. Leeds Building Society would not exist without them and I have been privileged to serve them as Chairman for the last six years. I am delighted that they choose to be part of such a successful, independent and mutual institution.”

The highlights of the results announced by the Society are listed below:

2012 Business Highlights:

  • New mortgage lending increased by 35% to £1.65bn (£1.23bn 2011) which is significantly above our market share
  • Net residential lending of £737m (£300m 2011) is our best ever performance
  • Savings balances grew by £384m (£329m 2011) to £7.74bn
  • Assets increased by 5% to a record £10.32bn (£9.86bn 2011)
  • 61,000 new members were attracted, taking total membership to a record 696,000
  • Pre-tax profit rose by 4% to £52.4m (£50.2m 2011)
  • Capital and reserves increased by 7% to £614m (£572m 2011)

Ends

Notes to Editors

Leeds Building Society donated 10p for every postal vote received and 20p for every internet vote. Members selected which partner charity they wanted to receive the donation from their vote. Where none was selected, the donation is split equally between the partner charities, which are Help for Heroes, World Wide Fund for Nature, British Heart Foundation, St George’s Crypt and the Leeds Building Society Charitable Foundation.

Robin Smith will be succeeded by non-executive director Robin Ashton, who joined the Board in April 2011. He qualified as a chartered accountant with Coopers & Lybrand in Leeds and has spent his career in retail financial services both in the UK and internationally. His previous executive roles included Treasurer, Finance Director and Chief Executive at Provident Financial plc, and Chief Executive of London Scottish Bank plc.

Leeds Building Society has assets of £10.3bn (as at 31 December 2012) and 67 branches throughout the UK, Gibraltar and Ireland. The Society has operated from the centre of Leeds since 1886.

For further information please contact:

Gary Brook (Head of Corporate Communication)
0113 225 7606 or 07866 455111 (out of office hours)