Society unveils strong results

7 September 2010


Chief Executive, Mr Andrew Lewis outside Monmouthshire Building Society

Monmouthshire Building Society has reinforced its position as one of the strongest institutions in the UK financial services sector, with growth of 6.5% for the year to April, 2010.

Total assets for the Society reached £692m, an increase from £650m the previous year; while profit after tax approached almost £1.9m as the Society continued to experience growth, whereas many other institutions continue to suffer losses and shrinking balance sheets.

The Society continued to lend in the residential housing market enabling many customers to own their own homes, while its net inflow of retail savings held firm during the year at £33.1m.

Underpinning this success is the Society’s ongoing focus on management efficiencies - its 0.78% management expense ratio was one of the most efficient in the sector. Chief Executive, Mr Andrew Lewis commented "We are proud of our reputation as one of the most efficient building societies in our peer group and of having achieved consistent reductions in cost ratios for 18 years in succession."

Mr Lewis continued "Our 6.5% growth in total assets, at a time when our management expense ratio has once again been significantly reduced, represents an excellent performance, particularly when compared against the competition."

The Society further expanded its presence into Herefordshire, refurbished its branch offices in both Usk and Cardiff and made ongoing investments to its online capabilities, including the launch of a new website, revamped to provide an improved customer experience.

Chairman Mr Robert Williams added "The Society’s growth was achieved through the efficient delivery of highly competitive savings and mortgage products, coupled with excellent customer service. Customers have recognised the quality of our service and product range though their ongoing feedback, and this has yet again helped us to produce another robust set of annual results for the Society.”

"What shone through for customers in the last financial year was the importance they attached to competitive savings products, branch access and online services - all of which were the platform on which we enjoyed success during the year."

Its £33m net inflow of funds into retail savings was a direct result of this action, he said, with the Society's Cash ISA 2 account being recognised as a market leader by Moneyfacts, Moneysupermarket, and Which? amongst others.

Of its subsidiaries, Monmouthshire Independent Financial Advisers Ltd continued to improve its performance year-on-year, while Monmouthshire Insurance Services Ltd had also made a material contribution to group success.

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 25 organisations across South Wales including the Savoy Theatre in Monmouth; the autism support complex Orchard House in Caerleon, and the Gilwern Outdoor Education Centre amongst others.

"The successful results are due to both the efforts of our staff and management, 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," said the Chairman.

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