Leek Building Society has today issued its report and accounts for 2022, a year of records for the Staffordshire-based mortgage and savings provider which operates nationally.

Underlying profit doubled despite record investment in new technology, branches and the local community – this profit boosted capital reserves to record levels, supporting the Society’s ability to help members to achieve their financial goals and to fund future investment in the business.

In addition, total assets achieved a record level with savings balances hitting the £1 billion mark for the first time as the Society supported 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 £888m while new mortgage lending in the year was a record £186m, one third of which helped first time buyers to get on the property ladder. The Society also supported those mortgage borrowers on variable rates by only passing on approximately half of the increase in base rate during the year.

Member satisfaction at 98% was a record high, as was staff satisfaction at 97% and the Society’s newly-established Charitable Foundation saw it support the local community more than ever, to the tune of over £100k, at a time when this was very badly needed.

Chief Executive, Andrew Healy 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.”

For more information, please visit their website: www.leekbs.co.uk