Leeds Building Society published its half-year report showing its savings balances rose to £25.5 billion and its membership grew to more than one million.

Profit before tax rose to £104.4 million from £86.4 million at the same stage of 2024.

Annette Barnes, Leeds Building Society’s Interim Chief Executive Officer, said: “In the first half of 2025 we grew our membership to over one million; a significant milestone that reflects continued confidence in our mutual model.

“We’ve remained focused on our purpose of putting homeownership within reach of more people, generation after generation, by helping 9,600 people realise the dream of buying their first home.

“We’ve also continued to return value to our savings members through competitive and above average interest rates, equating to an extra £199.9 million annually in their pockets. As a mutual, we are only ever as strong as the relationship we hold with our members.

“We have continued to advocate on the issues our members care about. As a Society, we have been vocal about the value of Cash ISAs, which provide certainty for people in retirement, those buying their first home, or those saving for major life events.

“I was reassured to hear the Chancellor’s commitment to supporting the right balance between saving and investing to encourage economic growth in her Mansion House speech. We have supported calls for an industry-led campaign to promote the value of investing and believe this will be an important step in improving public awareness. People should have the knowledge and confidence to make the right decisions for them and their circumstances.

“While reforms to ISAs aren’t completely off the table, we’ll work with the Government and the wider sector to highlight the importance of cash savings and giving people a fair choice in where they keep their money.

“In this milestone year we have continued to live our mutual values through action, donating a share of £150,000 to five organisations across the UK that applied for a programme of grant funding aligning with the Society’s aim of supporting vulnerable people in need of a safe and secure home.

“Whilst the savings and mortgage markets have become increasingly competitive, 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 to guide the Society forwards for generations to come.”