Profit has doubled and savings balances have hit £1 billion for the first time at a mortgage and savings provider celebrating a record year.
Leek Building Society’s annual results released today show underlying profit rose from £2.5 million to £5 million in 2022.
This is despite record investment in new technology, the local community, its head office and its 12 branches, which was previously reported in Daily Focus.
Total assets increased to a record level of £1.24 billion. The Society says this is down to supporting members with competitive rates throughout a fast-changing year which saw the Bank of England raise its base rate nine times in the 12-month period from December 2021.
Mortgage balances reached a new high of £888 million while new mortgage lending in the year was a record £186 million, one third of which helped first time buyers to get on the property ladder.
Chief Executive Andrew Healy, above, said: “In 2022, we delivered robust financial results, excellent risk management standards and high member and staff satisfaction whilst offering competitive interest rates and investing for the long-term benefit of our members.
“In addition, we supported the local community more than at any time in our history which was especially important given the cost-of-living crisis.
“I am particularly proud of our people. We are well recognised as a great place to work with a team of first-class staff who really care about our members, the community and one another. This wonderful people platform is central to everything we do.”
Leek Building Society is based in Leek but offers services nationwide. Employee numbers grew by eight per cent last year and it now has approximately 200 staff members.
The company is also celebrating just being named as a finalist in the 2023 Inspiring Workplaces Awards for the UK, Europe and Middle East.
The latest report shows member satisfaction at a record high of 98 per cent and staff satisfaction was at 97 per cent.
The Society’s charitable foundation was launched in the first half of the year, and has since donated over £100,000 to charities and community groups.
