Leeds Building Society has reported a rise in annual profit alongside solid mortgage lending and savings growth, as it continues a multi-year investment in digital services and its branch network.
The mutual posted a profit before tax of £198.6 million for 2025, up from an underlying £187.5 million the previous year, supported by growth in mortgage balances and a strong increase in savings deposits.
Savings balances rose to £26.1 billion, compared with £24.5 billion in 2024, while new mortgage lending totalled £5.0 billion, down from £5.7 billion a year earlier.
The Society said it helped 34,600 people secure a home in 2025, of whom 49% were first-time buyers, equating to 17,100 borrowers.
The Leeds, the UK’s fifth largest building society, also reached the milestone of one million members during the year.
LENDING AND MEMBER RETURNS
The Society said its performance was underpinned by continued demand from savers and borrowers, alongside what it described as a commitment to member value.
It generated the equivalent of £225.6 million in additional interest for members by paying an average of 0.90% above the market rate on savings products, up from £175 million in 2024.
Within its mortgage book, Leeds highlighted the performance of its Income Plus range, launched in December 2024. The proposition, which offers a loan to income ratio of 5.5 times for first-time buyers with a minimum household income of £30,000, has supported more than 900 borrowers into home ownership.
On 95% loan to value lending, the Society said Income Plus provides eligible borrowers with an average of up to £66,000 more than would otherwise be available under standard affordability metrics.
Arrears remained low at 0.57%, compared with 0.61% in 2024, which the Society attributed to ongoing support for members facing financial difficulty.
DIGITAL INVESTMENT AND BRANCH NETWORK
The Leeds said it had made further progress in its multi-year technology programme during 2025, proving both savings and mortgage journeys on its new core platform. Development will continue into 2026, including work on a new mobile app and deeper integration between digital and in-branch services.
Annette Barnes, interim chief executive officer of Leeds Building Society, said: “Our performance in 2025 shows that our Society is both financially strong and is moving confidently into the future.
“Over the past year we’ve made significant progress in upgrading our technology, including testing our first savings accounts and mortgage applications on our new system.
“We’re committed to providing our members with innovative products and the long-term support they need: faster and more intuitive digital experiences, alongside the personal, human interaction that remains so important to many. Development of our mobile app is also underway and is a key priority in 2026.
“We remain steadfast in delivering on our purpose of putting homeownership within reach of more people, generation after generation. Helping people buy their first home is one of the most important roles we play as a mutual, and we’re proud that nearly half of our new mortgages in 2025 supported first time buyers.”
The Society reported a broker net promoter score of 63 out of 100 in 2025, up from 58 the previous year, citing improvements in servicing and communication.
