Leek Building Society has issued its report and accounts for 2023, reporting a rise in underlying profit before tax by 28% to £6.4m, the highest in the society’s history.
Total assets reached £1.31bn, driven by strong mortgage and savings growth.
Mortgage balances increased 11% to £984m, with almost a third of the £192m of new borrowing helping first-time buyers.
Although mortgages are individually reviewed and underwritten, Leek is in the early stages of rolling out Iress’ MSO technology to streamline the application and completion journey.
The society recently entered both the Limited Company BTL and Holiday Let markets, and added Shared Ownership to its offering.
The Leek has also augmented its suite of products with a Green Further Advance mortgage, supporting its commitment to environmental responsibility.
Leek Building Society was named Britain’s Best Building Society at the 2023 British Bank Awards and was awarded a 5 star rating from Smart Money People for its service to mortgage brokers in the second half of 2023, achieving an overall satisfaction rating of more than 90%.
For the sixth consecutive year, the Leek was recognised in the Personal Finance Awards in the category of Best Variable Rate Mortgage Lender.
Andrew Healy, chief executive at Leek Building Society, 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, including our new mortgage platform, 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.”
