Leek Building Society has 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.
Smart Money People named Leek Building Society as the top-rated building society and the joint best financial institution for mortgage broker satisfaction for the first half of 2022. In addition, for the fifth consecutive year, the business was recognised in the Personal Finance Awards in the categories of Best Variable Rate Mortgage Lender and Best Buy-to-Let Mortgage Lender.
At time of writing, the Society has just been named as a finalist in the 2023 Inspiring Workplaces Awards for the UK, Europe and Middle East. The organisation continues to be accredited by the Good Business Charter, Living Wage Foundation and Disability Confident Scheme.
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.”
- Underlying profit rose from £2.5m to £5m. Total assets increased to a record level of £1.24 billion. A record £186m of gross mortgage lending contributed to the total mortgage book reaching £888m. The quality of the book remained robust with a low number of mortgages in arrears (0.11% of accounts).
- The Society continued to be very strongly funded by its members through a broad range of savings products, with total balances at the end of 2022 of £1,011m. This is the first time that the £1 billion milestone has been reached, a landmark achievement that demonstrates the consistently competitive range of products on offer and the strong relationship between the Society and its members.
- In addition to its spend on its new digital savings platform, Leek Online, the Society’s record level of investment in 2022 saw half of its branch network refurbished, with the remainder to be completed this year. Its head office in Leek has also undergone a facelift to make it a more modern, accessible and welcoming environment for colleagues, members and visitors. In line with its environmental commitments, positive changes have concurrently been taken to ensure the Society’s waste control, lighting and other utilities are from renewable sources and are as kind to the environment as possible.
- The Leek Building Society Charitable Foundation was launched in the first half of the year and support for local communities reached a record high with over £100,000 donated to charities and community groups, in many cases directly helping those impacted by the cost-of-living crisis. Sponsorship of local sports clubs and organisations was also stepped up in order to support the health and wellbeing of the community.
- In the Society’s end of year employee survey, staff satisfaction reached its highest level recorded with 97% of colleagues proud to work for the organisation – believing the Leek to be a great place to work with strong values and principles, a tremendous culture and an excellent work environment. Employee numbers grew by 8% in the year, with new positions created in both branches and head office, including flexible working opportunities. As noted above, the Society has been named as a finalist in the 2023 Inspiring Workplaces Awards for the UK, Europe and Middle East.
The 160th Annual General Meeting of Leek Building Society will be held at 12 noon on Wednesday, 26th April 2023 at its head office on St. Edward Street in Leek. All members are encouraged to attend.
