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Record mortgage lending for Society

30th March 2016

LEEK United Building Society’s lending to home-buyers soared by 43% during 2015 – taking mortgage balances above £700m for the first time in the Society’s history.

The figures capped another strong year for Leek United and 2015 business highlights include:

• Mortgage assets: £707m (2014: £669m)
• Mortgage lending £156m (2014: £109m)
• Group profit before tax and hedging: £4.4m (2014: £4.2m)
• Group reserves: £58.7m (2014: £55.5m)
• Group assets: £891m (2014: £907m)

Chief Executive, Kevin Wilson said,

 "The growth in Leek United’s mortgage lending and balances was a great success, as it has been achieved in an increasingly competitive environment, with major lenders pricing more aggressively and new challenger banks entering the market.”

He said that through delivering ‘appropriate levels of profit’, the Society’s capital position remained strong, placing it well for future growth.

2015 had also seen significant investment in developing the Society’s technology platform, to further improve service to members and increase business efficiencies.

“We remain as committed as ever to the values of a traditional building society, and are continuing to make significant investment to enhance the service to our members for the future,”

”In summary, the Society is well-placed for the future and to respond to the uncertain economic environment. We look forward to serving the interests of our members for many years to come,” added Kevin.

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