The Leeds Building Society has reported that its pre-tax profits rose by 55% in the first half of 2014 to £38.6m.
The UK’s fifth largest building society said its new residential mortgage lending increased by 29% to £1.19bn, significantly above its market share.
In addition, net residential lending totalled £446m (£424m in 2013), also a new record for the mutual.
Leeds Building Society Chief Executive Peter Hill said: “I’m very pleased to report we have increased our membership, mortgage lending and market share to record levels as we continue to invest in the Society, its people and systems to keep growing in a strong and sustainable way.
“In the first half of 2014 we helped more than 3,100 First Time Buyers purchase homes, accounting for 31% of our total lending and were active in higher Loan to Value (LTV) lending, including through the Government’s Help to Buy equity scheme.
“Our unique Welcome Mortgage won awards for innovation following its launch in 2013 and it has continued to receive industry accolades so far in 20144.
“The Society’s well-established affordability model helped to minimise any impact of the MMR regulatory changes, the biggest shake-up of the mortgage industry in a decade.”
