º£½ÇÊÓÆµ

Oops.

Our website is temporarily unavailable in your location.

We are working hard to get it back online.

PRIVACY
Economic Development

Principality Building Society reports 'strong' results during challenging first half of 2022

Wales' largest building society recorded total assets of £10.5bn

Julie-Ann Haines the chief executive officer of Principality Building Society(Image: PA)

Principality Building Society has reported a "strong financial performance" in its interim results despite a challenging first half of 2022.

Wales' largest building society reported that its net retail mortgage lending for the first six months to 30 June 2022 reached £99.3m (up from £24.7m in June 2020).

Retail mortgage balances were at £8,132.6m, up from £8,033.3m recorded in December 2021, while savings balances remained consistent at £7.9bn.

Read more: Two Welsh businesses top list of best firms for women to work for

However, the society recorded total assets of £10.5bn, a slight drop from £10.9bn recorded in December 2021.

Pre-tax profits reached £31m, down from £33.1m in the same period last year. Underlying profits also fell slightly to £26.1m this year from £28.6m in H1 2021.

More than £2.5bn mortgage applications were processed through the Principality's new mortgage platform, with the mutual reporting that applications are being processed faster than before giving the business "a great platform for the future".

Principality described its interim results for 2022 as “strong”, and said it will continue to invest profits to support members, communities, and colleagues through the cost of living crisis.