StockMarketWire.com - Leeds Building Society reported Wednesday pre-tax profits slipped amid 'intense' competition in the mortgage market and a one-off impact from the sale of its mortgage book.

For the year ended 31 December, profit before tax fell to £116.9m compared to £120.9m a year earlier.

The fall in profits was driven by the one-off impact of the sale from the our Irish mortgage book, the company said.

Net mortgage lending of £1.0bn increased total mortgage balances to £15.8bn, from £14.9bn in 2017, the company said.

The results marked the end of Chief Executive Officer Peter Hill's seven-and-a-half year reign as CEO, who would be succeeded by Richard Fearon.

'Increased competition is expected to put further pressure on margin in 2019, and ongoing political and economic uncertainty linked to Britain's exit from the EU will continue to affect consumer confidence and the housing market in unpredictable ways,' said incoming CEO Richard Fearon.

'Investment during 2019 will be the highest in our history so we can carry on helping more members save and have the home they want, while increasing our digital capability and moving forward with pace and focus to meet and surpass their expectations.'

At 10:04am: [LON:LBS] Leeds Building Society 13 38 share price was 0p at 199.5p



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