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Record asset growth for Society

30th March 2017

GROWTH in both mortgages and savings marked a strong financial performance by Leek United Building Society during 2016.

Chief Executive Kevin Wilson said that the year’s figures reinforced Leek United’s “robust position, with a solid foundation for future growth and success.”

2016 business highlights include:

  • Mortgage assets: £743m (2015: £707m)
  • Mortgage lending: £152m (2015: £156m)
  • Group profit before tax and hedging: £3.8m (2015: £4.4m)
  • Group reserves: £58.0m (2015: £58.7m)
  • Group assets: £928m (2015: £890m)

Kevin said that the year on year level of growth in mortgage balances – by £36m during 2016 alone – was “a great success in a market where competition has intensified, particularly from the main high street banks.”

Savers had demonstrated “continued loyalty and support for the Society”, resulting in a 4% increase in savings balances, and the Society had also seen a rise in its mortgage and savings members.

“Essentially, Leek United continues to provide all the things that customers expect from a regional building society: quality, competitive products backed by the highest standards of customer service,” continued Kevin.

Additional investment in technology during 2016 had further enhanced and improved service to members and increased business efficiencies, helping to deliver healthy profit levels.

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

Kevin added: “Leek United is well positioned to achieve future success and our financial strength will enable us to respond to the uncertain economic and political environment.

“The Society looks forward to 2017 and to serving the interests of our customers, members and local communities for many years to come.”

Leek United’s 2016 results will be formally presented to members by the Board at the Annual General Meeting at Leek Cricket Club on Wednesday, 26th April 2017.

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