Society Continues to Prosper with 10.3% Growth

3 September 2012

AML

The Society has once again reinforced its position as one of the best performing institutions across the UK financial services sector with outstanding growth of 10.3%.

Total assets reached £819m for the year to April 2012, an increase from £742m the previous year; while profit after tax reached £2.7m.

Despite the ongoing challenges affecting the financial sector, the Society’s gross mortgage lending for the year rose 31% to £138m (2011: £105m). Such exceptional results have been partly achieved by the introduction of a range of low deposit mortgages, which have been well received by local customers.

Further cementing its reputation as a competitive mortgage lender, the Society was named as a runner-up for the prestigious title of ‘Best Regional Building Society 2012’ by the Mortgage Finance Gazette, coming only 12 months after the Society was honoured as overall winners in the same category.

Net inflow of retail savings remained strong during the year at £45.2m (2011: £33.7M), achieved as a result of the Society’s policy to protect the position of its loyal customer base.

Chief Executive, Mr Andrew Lewis commented “Notwithstanding the ongoing challenges within the marketplace, Monmouthshire Building Society continues to buck the industry trend yet remains as strong and secure as ever. Our results outperform the competition, clearly demonstrating the attraction of the Society and how we continue to go from strength to strength”.

He continued, “Our ongoing support for local first time buyers has been well received and demonstrates our commitment to support aspirations for home ownership within the communities in which we operate. Conversely, our net inflow of funds goes against the prevailing industry trend, which is a clear testament to the ongoing innovation of our product range and the competitive rates offered”.

The Society continues to invest in its branch network with the relocation of its Cwmbran branch to an improved retail location, in addition to the impending relocation of the existing Caldicot branch. A new agency office was also opened in Llandaff, Cardiff, which has allowed the Society to further extend the reach of its savings services into the Welsh capital.

Chairman Mr Robert Williams added "Once again the Society is proud to announce an exceptional rate of growth, which demonstrates that meeting customer needs remains the key to sustained performance. At a time when turmoil continues to afflict the industry, the Society’s results are proving once again that the mutual business model continues to offer consumers both improved choice and better standards of service.

He continued, “Our successful annual results are due to the efforts of our staff, who continued to respond to the challenges confronting them, and more importantly the significant number of loyal and new customers who have been confident in the Society’s ability to deliver competitive savings and mortgage products throughout the year.”

The Society’s subsidiary companies, Monmouthshire Independent Financial Advisers Ltd and Monmouthshire Insurance Services Ltd both improved their annual turnover year on year, which represents an exceptional performance for both companies in a very difficult and challenging marketplace.

The Society also continued to focus on its programme of charitable support amongst the local communities in which it operates through its Charitable Foundation. In the last financial year the Foundation provided support to 24 organisations across South Wales including Friends of Newport Ship, Pontardawe Art Club, Valleys Gymnastics Academy and Rogerstone RFC.

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