Society unveils strong results

5 September 2011

Mr Andrew Lewis, Chief Executive, Monmouthshire Building Society, pictured outside the Head Office branch in Newport City Centre.

Mr Andrew Lewis, Chief Executive, Monmouthshire Building Society, pictured outside the Head Office branch in Newport City Centre.

Exceptional growth of 7.2% has reinforced the position of Monmouthshire Building Society as one of the best performing institutions across the UK financial services sector.

Total assets at the Newport-based Society reached £742m for the year to April 2011, an increase from £692m the previous year; while profit after tax exceeded £2.4m.

Gross mortgage lending for the year experienced a significant 16% increase to £105 million, compared to the previous financial year. Cementing its reputation as a competitive mortgage lender, the Society was awarded the prestigious title of ‘Best Regional Building Society 2011’ by the Mortgage Finance Gazette.

Going forward, the recent introduction of a range of low deposit mortgages has allowed the Society to responsibly and securely offer the aspiration of home ownership to first time buyers, which has been well received by customers.

Net inflow of retail savings at the Society was strong during the year at £33.7m, a testament to the ongoing stability of its innovative product range and competitive interest rates offered.

Chief Executive, Mr Andrew Lewis commented “These are excellent results in what remains a particularly challenging environment for all Building Societies where increased profitability and growth has been modest for many competitors. Monmouthshire Building Society continues to go from strength to strength, despite a difficult and challenging marketplace.”
He continued, “Looking to the future, the Society intends to confront the ongoing challenges presented by the economic environment with the determination to maintain our enviable position of strength and security within the industry.”

The Society continued to invest in its branch network with the relocation of its Maindee branch to an improved location in Caerleon Road, Newport, plus the impending relocation of the existing Cwmbran branch to a more centralised position within the same retail development. New agency offices were also opened in Brecon, Hereford and Whitchurch, Cardiff, which has allowed the Society to further extend the reach of its savings services.

Chairman Mr Robert Williams added "The Society’s outstanding rate of growth in the past financial year derives from the continued focus upon meeting the needs of customers. Innovative product design, competitive interest rates and investment in branch and online services have consolidated and further developed the quality of the Society’s approach to customer service.”

He continued, “Our successful annual 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.”

The society’s subsidiary companies, Monmouthshire Independent Financial Advisers Ltd and Monmouthshire Insurance Services Ltd both improved their annual turnover by approximately 20% year on year, which represents an exceptional performance for both companies in a very difficult 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 28 organisations across South Wales including Malpas Church Infant School, Caldicot & District History Society, the Cwmbran Centre for Young People, Bryncoch AFC Football Under 6’s team in Neath; Gwalia Care & Support, and the Mumbles Old People’s Welfare Association amongst others.

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