Page last updated at 09:53 GMT, Tuesday, 23 February 2010

Leeds Building Society posts record operating profits

Leeds Building Society
The building society's membership rose to 680,000 in 2009

The Leeds Building Society has announced record operating profits of £80.1m for 2009.

The society said its operating profit before losses and provisions increased by 17% compared with the £68.6m figure posted in 2008.

The company, which attracted 71,000 new members in 2009, also reported a pre-tax profit rise from £20.3m to £31.7m.

Chief executive Ian Ward said they had delivered strong results in challenging economic times.

The building society said its savings balances had risen by £225m to £6.8bn.

However the impact of the recession meant losses from borrowers unable to pay their loans and provisions for future predicted losses had risen from £32.1m in 2008 to £52.5 for 2009.

Mr Ward said: "Leeds Building Society has delivered a sound performance in 2009, with rising retail balances, increased profitability and even stronger reserves further underlining its successful, sustainable business model.

"This, combined with our prudent approach to lending, keen cost control and strong levels of capital means that we are in an excellent position to deal with the challenging economic outlook for 2010 and beyond."

The Leeds Building Society is the sixth largest in the UK.

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