Leeds jumps to record £31m

LEEDS & Holbeck building society brought a further 45,000 members into its mutual fold last year, helping it lift pre-tax profit 13% to a record £31m.

Chief executive Ian Ward said its 560,000 members had benefited from the society's interest margin of 1.23% compared with more than 2% at many banks.

'The difference between our margin and the average for banks was worth more than £30m to members last year through lower mortgage rates and higher savings rates,' he said.

Mortgage lending soared 30% to £913m as its total asset base broke through £4bn. Non-interest income grew 13% to £16.4m, accounting for 25% of total revenue.