The Leeds Building Society has reported record profits before tax for the fourth consecutive year.

2016 pre-tax profits totalled £116.6m, compared to £108.5m for 2015.

Gross lending exceeded £4bn, up by 28%.

The Leeds said it helped a record 53,700 more people have the home they want, while record net mortgage lending was £1.9bn, which took total mortgage balances above £13.2bn.

Meanwhile, the mutual helped over 57,700 more people save, increasing savings balances by a record £1.3bn and taking total balances above £11.2bn.

Total membership rose to over 756,000 (up from 719,000 2015), the highest in the Leeds’ history.

Peter Hill, the Leeds’ CEO, said: “I’m proud to report we delivered on our mission as a member owned building society and helped more people than ever save and have the home they want.

“During 2016, we consistently provided security and value through attractive products and excellent service to meet the needs of our growing membership.

“As a result, the Society has more savers and borrowers than ever before, achieved record profits and our total assets now exceed £15.9bn (£13.5bn 2015).

“Residential arrears reduced to 1.02% in 2016 (from 1.43% in 2015) and we continued to manage down our commercial lending portfolio, with losses and charges reduced by £27.2m to £3.5m.

“Thanks to our strong financial performance the Society retained long term ‘A’ ratings from Moody’s and Fitch.”