Leeds Building Society balances hit record £20.8bn

Leeds Building Society has reported that its net savings inflow increased to a record high of £2.7 billion in 2023, with total savings balances reaching a record of £20.8 billion, 19% higher than 2022.

Leeds said 122,000 new savings members in 2023 and 35,000 new mortgage members saw total society membership increase by 10% to a record high of 919,000.

The mutual said it lent to 17,700 first time buyers, representing more than one in two of its new mortgages in 2023. This was an increase from one in three new mortgages in 2022.

Leeds said it paid an average interest rate 0.59% above the market average in 2023 “which equates to a record annual benefit for members of £110 million.”

The society reported gross mortgage lending of £4.4 billion (2022: £5.0 billion) and net lending of £1.5 billion (2022: £2.0 billion).

Leeds said it increased its market share in 2023 to 2.0% (2022: 1.6%) and its year-end mortgage asset balance stood at a record high of £21.8 billion.

Profit before tax was £181.5 million (2022: £220.5 million), the second highest in the society’s history.

Total assets increased to £28.1 billion (2022: £25.5 billion), a record high. Capital and reserves stood at £1.6 billion and liquidity levels “continue above regulatory requirements.”