Its operating profit before impairment losses and provisions increased to £80.1m, compared to £68.6m in 2008.
New mortgage lending was down and totalled £922m in 2009, compared to £1.28bn in 2008.
The society said this reflects the much smaller UK market with net mortgage lending, which declined to less than £12bn, only around a quarter of the 2008 volume.
The charge for impairment losses and provisions for commercial and residential property rose to £52.5m in 2009, from £32.1m 2008.
As of December 31, its arrears percentage had risen to 2.25%, up from 1.26% in 2008, but this started to stabilise in the summer and is now starting to reduce.
Capital and reserves have increased to a record level of £543m, compared to £526m in 2008. The average LTV in 2009 on advances was 50%, the same LTV as on total residential mortgages.
Ian Ward, chief executive of Leeds, said: “Throughout the year, we offered a wide range of mortgage products enabling many customers to remortgage or buy their first home. All of the Society’s residential mortgage lending is funded entirely by retail savings. Our lending policies continue to be very prudent and this is demonstrated by our average LTV on new lending in 2009 being just 50%, the same LTV as on our total residential mortgages.”
