Society Announces Strong Annual Results

7 September 2016

Andrew 2015

The Society has delivered another strong set of annual results, with post tax profit of £6.4 million. Total assets increased to £1,073.5 million for the year to 30th April 2016, up from £1,047.9 million the previous year. Despite challenging economic conditions and uncertainty in the wider housing market, gross mortgage lending for the year came in at £139 million.

The Society’s record post tax profit has been achieved thanks to the provision of a range of low deposit mortgages and fixed rate products which have been well received by members throughout England and Wales. The ongoing quality of the Society’s mortgage lending service was acknowledged at the 2016 Moneyfacts Awards when the Society was commended in the category of ‘Regional Lending Provider of the Year’.

Members invested a further £277 million (gross retail receipts) in the Society during the course of the year, in the face of a low rate savings environment across the UK, which is testament to the wide range of competitive savings products available to new and existing members. There are now in excess of 64,000 members of Monmouthshire Building Society, many of whom have a longstanding relationship.

Managing Director, Andrew Lewis, commented: “This latest set of annual results demonstrates a significant year for Monmouthshire Building Society as we delivered a sound business performance with strong profitability in a very competitive marketplace. We remain a strong and secure member owned organisation, and our continued growth, which has seen the Society rise to fifteenth position in the building societies ranking in terms of asset size, is a clear indication that our product range meets the needs of our members.”

He continued: “As a regional mutual organisation, we take enormous pride in the ongoing support we offer local first time buyers to help them achieve their dream of owning their own home. With the announcement of a new Chief Executive, James Bawa, who will succeed me following my retirement later this year, I’m confident that the Society will continue to flourish for the benefit of members for many years to come.”

In contrast with other financial institutions, the Society continues to invest in its branch and agency network on high streets across South Wales and the South West of England, underpinning its mission to maintain the Society for the benefit of its members with a face to face, personable service.

Haydn Warman, Chairman, added: "With uncertainty in the global economy, next year will undoubtedly present further challenges, but our clear strategic plan, strong balance sheet, committed staff members and competitive products will ensure that the Society is well positioned to achieve further success.”

During the year, the Society was Highly Commended at the 2016 Mortgage Finance Gazette Awards for Community Services, as a result of their commitment to the local community. Society staff members raised over £10,000 for Wales Air Ambulance, the Society’s previous charity of the year, and Monmouthshire Building Society Charitable Foundation continues to focus on its programme of charitable support, having donated over £200,000 to more than 300 local charities and organisations since its launch.

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