First-half profits more than doubled at Leeds Building Society as it became the latest financial organisation to report record mortgage applications.
Following similar results from the Yorkshire Building Society earlier this week, the Leeds said it had helped a record 8,600 first time buyers onto the housing ladder in the first half of 2021.
Gross lending almost doubled, increasing 97% to £2bn when compared with the first half of 2020. That led to half year profit before tax of £70.3m, more than double the £32.6m recorded a year earlier.
Read more: Record for Yorkshire Building Society
Savings balances also nudged up to £14.5bn and the society’s membership increased slightly to 771,000.
Chief executive Richard Fearon said: “In responding to the ongoing challenges posed by the pandemic we’ve remained focused on our core purpose, to help people save and have the home they want, and kept our members at the heart of our long term business priorities.
“We’ve supported the housing market at an exceptionally busy time, and supported our existing borrowers by offering mortgage payment deferrals, as well as waiving arrears fees until the end of this year.
“We’ve supported our savers by keeping branches open for access to essential financial services and have carried on paying 0.56% above the market average rate, which equates to an extra £78.5m in our savings members’ pockets.
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“I’m immensely proud of my colleagues and their sustained efforts as the impact of the pandemic on our members has continued to evolve. Their professionalism and dedication served the Society well throughout 2020 and has been evident again during 2021, helping us to achieve an outstanding performance.”
Mr Fearon said the the society had created more than 80 new jobs and was committed to a new base salary level for colleagues of £10 per hour.