Leeds Building Society announces "strong" results

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Leeds Building Society announces "strong" results

Leeds Building Society has announced its financial figures for last year which it claims reveal a "strong" performance.

The company's assets grew by more than £900 million to £10.1 billion in 2008 and it posted an end-of-year pre-tax profit of £20.3 million.

Leeds Building Society said that its savings balance rose by £500 million over the course of the last year and claimed that the growth in lending it experienced was funded entirely by retail investments.

Chief executive Ian Ward said: "Our lending policies have consistently been very prudent and this is demonstrated by our average loan-to-value on new lending in 2008 of 52 per cent and an average loan-to-value of only 49 per cent on all our properties in mortgage."

The Royal Bank of Scotland Group also posted its end of year figures this morning, which revealed it made the largest loss in the history of UK business.

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