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An 'exceptional' year for £1 billion Society

21st March 2018

LEEK United achieved ‘exceptional’ business results during 2017 – a year which saw group assets exceed £1bn for the first time in the Society’s history.

Chief Executive Kevin Wilson said that record mortgage lending, sustained levels of savings and a strong overall financial performance reinforced Leek United’s “robust financial position, providing the foundation for future growth and success.”

2017 business highlights include:

  • Mortgage assets: £796m (2016: £743m)
  • Mortgage lending: £184m (2016: £152m)
  • Group profit before tax and hedging: £3.9m (2016: £3.8m)
  • Group reserves: £63.2m (2016: £58.0m)
  • Group assets: £1.039bn (2016: £928m)

Kevin said that a continued year-on-year level of growth in mortgage balances – by £53m during 2017 – evidenced the Society adapting to the needs of a changing market.

“We’ve supported people buying their first home through the introduction of 95% LTV (Loan To Value) products, alongside our range of ‘Help To Buy’ mortgages, which are available to borrowers across the country whilst in our own ‘heartland’, we offer 95% LTV First-Time Buyer mortgages in conjunction with local authorities.”  

Despite an unprecedented and extended low interest rate environment, savers continued to demonstrate loyalty and support for Leek United, by maintaining strong savings balances.  As a regional society we are committed to offering fair and sustainable rates and we continue to offer preferential loyalty products for existing members.

“Leek United’s ethos has never changed. Our aim is to provide all the things that customers expect from a mutual regional building society, namely competitive and value for money products, underpinned by the highest possible standards of customer service.”

“At a time when the communities we serve are seeing a vast reduction in their local high street branches, we continue to provide face-to-face mortgage advice via our own Qualified Mortgage Advisers.  The Society is also able to provide independent financial advice through its partnership with Wren Sterling.”

During 2017, in excess of 97% of members reported that they were ‘satisfied’ or ‘very satisfied’ with the service the Society provides.

Meanwhile, Leek United has continued its ongoing commitment to the communities it serves and operates in, raising many thousands of pounds for charitable causes through a wide range of sponsorship and community-centred activities.

Kevin added:  “In summary, 2017 was an exceptional year for Leek United, and we look forward to serving the interests of our customers, members and local communities throughout 2018 and beyond.”

Leek United’s 2017 results will be formally presented to members by the Board at the Annual General Meeting at Leek Cricket Club on Wednesday, 25th April 2018.

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