Thanks to a continued commitment to member-led services, the Society has announced a £7.78 million profit after tax.
The Newport-based Society has seen its total assets grow by £101 million over the past 12 months to £1.4 billion, benefitting from a buoyant mortgage market and strong house prices across England and Wales.
Chair of the Board, Debra Lewis, said: “The Society’s dynamic and innovative approach has been evident as we faced the challenges of a changing operating environment. Like many businesses we have had to navigate the ongoing impact of the COVID-19 pandemic, and significant inflationary pressures. However, we’ve continued to deliver exceptional member-led services, opening a new branch in Brecon and a second flagship branch scheduled to open in Cardiff this autumn.”
The Society is committed to maintaining a presence on the high street at a time when many other banks and building societies are closing branches.
And with members needs ever-changing, the Society continues to progress new digitally focused initiatives, including the use of robotics to provide improved services for members.
This year the Society also announced they are working to bring to life the aspiration of a community banking model across Wales.
Chief Executive Officer, Will Carroll, added: “Our strategic focus has enabled us to evaluate and respond to challenges with a robust approach. This has contributed to successes across our product range, including residential, commercial, buy-to-let and holiday let lending.
“As a member-led organisation, the Society has also continued to deliver on its core purpose to help members, colleagues, and communities to thrive. Where we could, we delayed interest rates for borrowers and acted fast to pass on rate increases to our savers, who have remained loyal through the low interest rate environment we’ve been operating in for a number of years.”
Monmouthshire Building Society employs over two hundred people across its operating area in south Wales and south west England. This year the Society gave a one-off payment to all colleagues to help with the cost of living, and further agreed a 4% pay increase in June.
Communities and charities have also benefitted from the Society’s award-winning Branching into Communities programme which was launched in July 2021.
In addition to the £12,000 raised for the Society’s Strategic Charity Partner, Shelter Cymru, last year, the Society also pledged over 1400 hours of volunteering time to community groups. A new Branch Sponsorship Fund enabled branches to directly support 28 grassroots groups in their area. And the Society’s independent Charitable Foundation continues its aim of supporting our local communities, awarding £21,294 to 25 great causes during the year.
Will Carroll, Chief Executive Officer, added: “We’ve had a phenomenal year and we’re really excited for the year ahead as we bring more of our strategic initiatives to life. 2022 will see the Society modernise and expand its premises portfolio with the launch of a second flagship branch and administrative hub in Cardiff, alongside a new, energy efficient Head Office in Newport. We’ll also move closer to delivering the Society’s most innovative project in its 153-year history, a Community Bank for Wales. Our recent success is just the start of our ambition to be a modern mutual with the heart of a challenger bank.”
The full financial results can be found on the Society website.