Overwhelming member support coincides with record savings inflows

Leeds Building Society, the UK’s 7th largest building society, held its Annual General Meeting in Leeds earlier today. Members voted overwhelmingly for the re-election of Chief Executive, Ian Ward, and Non-Executive Director, Ian Marshall.

This year, over 91,000 members voted, which is a 25,000 increase on the corresponding total in 2007. For the first time, the Society donated a total of £10,000 to its partner charities Marie Curie, Help the Aged, Save the Children, St George’s Crypt and the Leeds Building Society Charitable Foundation.

Robin Smith, Chairman said, "I am delighted with the support that we have once again received from our members, with each director receiving a record number of over 96% of votes in favour. As an independent mutual building society with one member, one vote, this is an emphatic endorsement of the Society’s sustainable, successful business model that has seen us maintain a presence on the high street for over 130 years.

"We delivered an outstanding financial performance in 2007, with profits, lending and savings balances all at record levels, thereby producing the Society’s best ever results. Notwithstanding the much publicised turmoil in financial markets in the second half of last year, the Society further strengthened the security of our members’ savings by increasing our reserves. Virtually all of our net lending in both 2006 and 2007 was funded by our investors and, as a result, we are much less exposed to the liquidity issues in the market than many banks and other financial organisations.

"The Society has dynamic leadership, very high levels of retail savings flows from our members and a prudent approach to lending, which means that it is well placed to compete successfully in the short, medium and long-term."