Leeds Building Society has reported a profit before tax of £104.4 million for the first half of 2025, marking a significant rise from £86.4 million in the same period last year.
The interim results, released today in what is the mutual’s 150th year, reveal that total mortgage lending remained steady at £2.6 billion – level with the first half of 2024.
Meanwhile savings balances rose to £25.5 billion, up from £24.5 billion at the end of last year. The society also noted that it had paid interest rates 0.85% above the market average, equating to an annualised benefit of £199.9 million for its savers.
The mutual reported a cost to income ratio of 44.0%, down from 47.3% a year earlier. Arrears remained low at 0.56%, reflecting a cautious approach to lending and a focus on borrower support.
Interim chief executive officer Annette Barnes said the performance reflected confidence in the mutual model and praised colleagues, members and intermediary partners for their contribution.
Leeds Building Society, the fifth largest in the UK, also helped 9,600 first time buyers onto the property ladder during the period – an increase of more than 20% on the previous year – with March seeing a record-breaking 2,700 completions in that segment.
Membership passed the one million mark for the first time in the society’s history, and the organisation welcomed 19,400 new borrowers in total, up from 17,500 in the first half of 2024.
The Common Equity Tier 1 capital ratio stood at 25.8% at the end of June, marginally higher than the 25.7% reported at the end of December, and comfortably above regulatory requirements.
Barnes acknowledged the competitive mortgage and savings landscape but said the society’s consistency, financial resilience and investment in transformation gave her confidence in its future direction.
“We have remained focused on our purpose of putting homeownership within reach of more people, generation after generation,” she said. “Our strong and consistent performance, coupled with our accomplished team, gives me real confidence in both our short-term future and in our long-term vision.”
