Members have their say at Leeds Building Society AGM
Almost 80,000 members of Leeds Building Society have voted at this year’s Annual General Meeting (AGM) – and raised more than £9,000 for good causes at the same time.
Members voted - either in person, online or by post - resulting in a donation of more than £9,000§, shared between 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.
Borrowers and savers indicated their strong support for the Society’s current leadership team by voting by a significant majority for the re-election of Robin Litten, Kim Rebecchi and Les Platts, as well as the election to the Board of Susan Cooklin as a new non-executive Director.
“I’m delighted by members’ support for the Board following Leeds Building Society’s strong performance in 2013, which clearly demonstrates the continued effectiveness of our business model and the important role building societies have in UK financial services,” said Chairman Robin Ashton.
“Each director received more than 95% votes in their favour, which I believe endorses the Society’s strategy for running a successful business and continuing to invest in sustainable growth to deliver security, value and excellent service to members.
“In my first year as Chairman, I am pleased to report another strong performance and a good set of financial results - my thanks go to colleagues in all parts of the business for helping to deliver these results.”
The highlights of the results announced by the Society are listed below:
2013 Business Highlights:
- New mortgage lending increased by 31% to £2.16bn (£1.65bn 2012), significantly above our market share1
- Net residential lending of £992m (£737m 2012), our best ever performance
- More than 30% of lending was to first time buyers, helping over 6,000 people onto the housing ladder
- Savings balances grew by £884m (£384m 2012) to £8.6bn, the highest level in our history
- Assets increased by 9% to a record £11.2bn (£10.3bn 2012)
- 71,000 new members were attracted, taking total membership to a record 714,000 (696,000 2012)
- Pre-tax profit rose by 18% to a record £64.2m (£54.6m 2012 restated²)
- Capital and reserves increased to a record £661m (£618m 2012²)
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 has been selected, the donation is split equally between the partner charities - Help for Heroes, World Wide Fund for Nature, British Heart Foundation, St George’s Crypt and the Leeds Building Society Charitable Foundation.
¹ Leeds Building Society defines market share as follows:
Mortgages – Council of Mortgage Lenders market share statistics.
Savings – Mutual sector net retail savings as published by the Building Societies Association.
² The Group has adopted IFRIC 21, which changes the trigger date for when the Society’s liability to the Financial Services Compensation Scheme should be recognised.
Leeds Building Society has assets of £11.2bn (as at 31 December 2013) and 67 branches throughout the UK, Gibraltar and Ireland. The Society has operated from the centre of Leeds since 1886.