StockMarketWire.com - Leeds Building Society reported a fall in first-half profits as challenging headwinds in the UK economy and cooling consumer confidence hurt performance.

For the six months ended 30 June, operating profit and profit before tax fell to £49.4m from £60.1m a year earlier as total income dropped to £101m from £112.8m a year earlier.

Under the leadership of new Chief Executive Officer Richard Fearon, the company said the business increased residential mortgage balances by 4.4% to £16.5bn in the half, compared to £15.8bn at 31 December 2018, supported by new lending of £1.9bn, up from £1.8bn in June last year.

It attracted 5.2% more savings balances to £14.6bn, compared to £13.9bn at 31 December 2018, taking total assets above £20bn for the first time, up 6.9% to £20.7bn from £19.4bn in 31 December 2018.

'Following planned high levels of growth over several years, the Society has made a conscious choice to moderate increases in mortgage and savings balances to focus on margin,' said Fearon.


At 9:17am: [LON:LBS] Leeds Building Society 13 38 share price was 0p at 208.5p



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