Leek Building Society has reported another record financial year with underlying pre-tax profits hitting £6.4 million for the first time.
The building society has today released its report and accounts for 2023, which detail a number of new highs described and is described as a “highly rounded” year.
The jump in underlying pre-tax profits represents a 28 per cent increase on 2022 – another record year – when profit rose from £2.5 million to £5 million.
Total assets reached £1.31 billion in 2023, up from £1.24 billion in 2022, driven by strong mortgage and savings growth as the Society supported members with competitive pricing throughout another fast-changing year which saw the Bank of England raise its base rate five times.
Total balances at the end of 2023 stood at £1.097 million.
Mortgage growth of 11 per cent significantly outperformed the market with approximately one third of the year’s lending helping first time buyers to get on the property ladder. The Society’s mortgage book has now reached £984 million.
Savings balances increased by nine per cent as investors sought a good return on their hard-earned money.
The record financial performance has come at a time when the organisation has made significant investments in new technology, branch refurbishments and various community initiatives.
Chief Executive Andrew Healy, pictured above, said: “While these results highlight our excellent financial health, what is most pleasing is the highly rounded nature of our performance.
“As a mutual, we don’t of course seek to maximise profits but it is in the interest of the Society’s long-term competitiveness and sustainability that sufficient profits are generated to maintain our financial resilience and to ensure there is ongoing investment in our business.
“Our mortgage and savings growth levels significantly outperformed the market evidencing the competitiveness of our offerings in challenging times and we’re hugely proud of the support we’ve provided to our members and colleagues throughout the cost-of-living crisis.
“We continued to invest in new technology during the year, strengthened our digital channels, completed our branch and head office refurbishment programmes and not only maintained but stepped up even further the high standards we set for ourselves in terms of risk management, customer service and culture. The future for our Society has never been brighter.”
The Society won a host of awards last year including Employer of the Year at the Staffordshire Chambers of Commerce Awards, two titles at the British Bank Awards and one at the 2023 CIPD Awards.
Community support activities saw a record level of donations to local charities and community groups, a doubling of staff volunteering days and the commencement of an innovative programme to install 100 life-saving defibrillators in those areas where the Society has branches.
Between the Society and its Charitable Foundation, a record amount of almost £150,000 was donated to charities and community groups during 2023.
