Society Announces Outstanding Growth of 7.0%

2 September 2015

The Society is pleased to announce another strong set of annual results, with exceptional growth of 7.0% to the year ending 30th April 2015.

Billion Assets Achievement

Total assets crossed the billion pound asset threshold in October 2014, reaching £1,044.1m for the year to 30th April, an increase from £976m the previous year, while profit after tax reached £5.1m.

In an encouraging sign of recovery for the UK’s housing market, the Society’s gross mortgage lending for the year rose 15.5% to £181.4m (2014: £157m).

Moneyfacts Award

The positive results have been partly achieved by the provision of a range of low deposit mortgages and fixed rate products which have been well received by customers throughout England and Wales. The ongoing quality of the Society’s mortgage lending service was acknowledged at the 2015 Moneyfacts Awards when the Society was commended in the category of ‘Regional Lending Provider of the Year’.

Despite the current low interest rate environment experienced by savers throughout the country, the net inflow of retail savings remained strong during the year at £61.9m (2014: £54.6M), which is testament to the wide range of competitive savings products available to new and existing members.

Chief Executive, Andrew Lewis, commented: “This latest set of annual results demonstrate another exceptional year of business for Monmouthshire Building Society. We remain a strong and secure organisation, and our continued growth is a clear indication that our product range reflects the needs of our customers, and our tried and tested formula is as relevant today as it was some 146 years ago when we were founded.”

He continued: “As a regional mutual organisation, we take enormous pride in the ongoing support we offer first time buyers and those making their next steps on the property ladder. The strength of our overall net lending reflects the Society’s continued focus on the provision of affordable finance and prudent mortgage lending”.

The Society continues to invest in its branch and agency network, with the opening of four new agency offices which are located in Penarth, Cyncoed, Cinderford and Portishead, furthering the reach of Monmouthshire Building Society products and services into the South West of England.

Haydn Warman, Chairman, added: "The Society continues to significantly outperform other building societies in our peer group, and these encouraging results signify a return of confidence in the UK housing market.”

He continued: “Our aim for the year ahead is simply to continue to grow the Society so that we can help more people enjoy the benefits of mutuality, to enhance our products and services and continue to make a significant contribution to our local communities. Our growing retail network which prides itself on friendly, approachable staff members coupled with highly-competitive, customer-focused products and services are our greatest assets, and it’s very rewarding to see our hard work pay off with these well-deserved results.”

BITC Win 2

The Society was announced as the winner in the ‘Building Stronger Communities’ category of the 2015 Wales Responsible Business Awards in recognition of its significant achievements in helping to address social, economic and environmental challenges we face as a nation. Through our Billion Pound Asset Legacy Programme and Acorn Fund, we helped to support over 40 organisations including Wales Air Ambulance, the Wallich and the Noah’s Ark Appeal.

Charity Support Sparkle

In addition, our Charitable Foundation continues to focus on its programme of charitable support, and provided support to 21 local organisations in the last financial year alone.

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