Leek United Building Society unveils small reduction in profits
LEEK United Building Society has revealed a slight dip in profits.
In its annual results for 2012, the society reported group assets of £808.4 million, up from £783.4 million in 2011.
Profit before tax and Financial Services Compensation Scheme was £3.44m in 2012, compared to £3.79m the year before.
Chief executive Kevin Wilson said: "The society's results underline our ability to deliver and maintain a consistently strong performance amid the most challenging of economic conditions."
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Mortgage lending of £103m represents an 11 per cent increase on 2011 and is the highest level achieved by Leek United since 2007.
Total mortgage balances increased by five per cent to £620m.
Kevin added: "This increase in lending has been achieved without any compromise on our prudent lending policy. The society's responsible lending policy is governed by affordability and we will neither encourage, nor allow, anyone to borrow beyond their means."