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23
Sept 2020
Last Updated: 22/09/2020
Ripon's Leeds Building Society branch to close
The coronavirus crisis has impacted on the financial services sector with reduced profitability leading to some branch closures, including the Leeds Building Society branch in Ripon.
The Ripon branch of the Leeds Building Society (LBS) will close on November 20, after "changes in customer needs and behaviour".
The society said the three members of staff in Ripon will not lose their jobs, but will be transferred to other branches.
Established in 1875, Leeds Building Society has had a branch in Market Place North for many years.
A spokesperson for LBS said:
"We’ve made the difficult decision to permanently close our branch in Ripon, on November 20, following a review of our national network and changes in customer needs and behaviour.
"There will be no redundancies and the three affected colleagues were offered and have accepted permanent roles at other society branches."
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The spokesperson, added:
"We’re writing to customers affected by the closure to inform them of our decision and any action they may need to take."
In June, the society reported a fall in first-half profits as loan loss provisions increased.
For the six months ending June 30, pre-tax profit fell to £32.6m from £49.4m year-on-year as total income slipped 7.6% to £93.3m.
LBS recorded a £9.6m increase in impairment provision to protect against losses on loans to customers. At the time of the half year results, a statement said:
"The Society took a cautious approach to steer a steady course through the pandemic and has made appropriate provisions to reflect tougher economic conditions ahead."
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