Annual Results

1 September 2005

MONMOUTHSHIRE’S RECORD RESULTS ENDORSED BY ITS MEMBERS

Monmouthshire Building Society reports results for its financial year ending 30 April 2005, which represent its most successful year ever.

• Total assets grow by 12% to £448 million
• Gross lending increased to a record £110 million
• Savings balances up £27 million
• Management expense ratio reduced for the thirteenth successive year
• Pre-tax profits rise to £3 million
• Moneyfacts National Award for best value Tessa Isa

Commenting on the strongest performance in the Society’s 136 year history, Managing Director Andrew Lewis said “As a mutual building society, our members remain the sole reason for our existence and we continue to put the interests of our members first. I am absolutely delighted to see the Society growing in such a controlled manner with more and more members benefiting from our policy of offering attractive savings products and competitive mortgage rates.”

This year’s performance has been endorsed by its members in record measure, with nearly three times as many members voting to approve the resolutions at the Annual General meeting compared to last year. In addition, a staggering 4,500 members returned customer questionnaires, with such information proving of great value in helping to ensure the Society continues to meet the needs of its members.

Mr Lewis continued, “We are not complacent however, and we are determined to maintain our reputation as one of the most efficient building societies in our peer group, which is to the benefit our of members.”

Looking forward, Andrew Lewis believes the future for the Society is secure, despite the fact that there is no sign of competition in the financial services market abating.

“I believe the most important factor in our continuing success will be our staff and the quality of customer service we provide members. We have invested in new technology and staff training, to improve efficiency and to help us to further grow our market share. The coming year will see us launch a new website with online account facilities for our members. Additionally, we plan to continue to develop our high street presence. There is no doubt in my mind that the future looks strong for both the Society and its members”

The Society’s subsidiary company, Monmouthshire Independent Financial Advisers Ltd, which offers customers a comprehensive independent financial planning service, continues to operate successfully. As a result, there has been a significant investment made in both personnel and resources to enable more of its customers to take advantage of the services available across the branch network.

The Monmouthshire Group employs more than 100 people throughout South East Wales and is a major supporter of the community across the region. The Society provides both financial and practical assistance to numerous youth and adult sporting leagues, local events, charity fundraising and arts festivals. In addition, through its Charitable Foundation which is managed by independent trustees, it also supplied grants to 23 locally based organisations during the year, covering a wide spectrum of social needs.

In conclusion, the financial year has seen considerable progress at the Society. Andrew Lewis said, “In a year of further growth, the successful results recorded are largely due to the efforts of the staff, who continue to respond superbly to the challenges that confront them, and are committed to providing a first-class, personal customer service for our members.”

 
 


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