Leeds Building Society doubles profit, walks away from second homes market
Leeds Building Society doubles profit, walks away from second homes market
Abstract
The country's fifth-largest building society says gross lending lifted by 25% to £2.5bn over the period, while net lending doubled to £1.2bn in the first half to 30 June. Both of these lending figures were record half-year amounts for the firm. The business also benefited from a £42m exceptional fair value adjustment in the period. It adds that nine of its 10 biggest lending days ever occurred in the period, leading to its highest number of completions in the first half of a year. Leeds Building Society chief executive Richard Fearon also says the mutual will walk away from the second home market.
