Monmouthshire Building Society has reported a 61% increase in profits with its total assets also increasing. For the financial year to the end of April this year the Newport headquartered mutual saw its profits after tax rose from £2.3m a year earlier to £3.7m
Total assets, which mainly compromises mortgages, rose from £1.7bn to £1.72bn. Mortgage assets rose by £14.3m to £1.38bn. It said the small rise of 1% in new lending reflected its planned low growth.
Gross lending, the total value of new loans to customers, was down from £237.9m to £219m Customer satisfaction has remained over 95% for the majority of the year.
The mutual’s chair Marian Evans said: “We’re incredibly proud of the society’s performance this year. Despite a challenging external environment, our 2024–25 financial results reflect our strength and resilience, being able to deliver on our purpose of ‘helping customers, communities and colleagues to thrive’.
“Thanks to the trust of our customers and the dedication of our colleagues, the Society has delivered a strong and stable financial performance whilst entering a critical period of business transformation.
“Our continued investment in new technology will make it easier for our customers to do business with us and ensure that the society is well equipped to meet the future challenges and opportunities that lie ahead.”
Chief executive, Will Carroll, whose total remuneration for the year was £321,000, said: “This year’s financial results are a clear reflection of the progress we’re making in transforming the society for the future.
“As we invest in new technologies and ways of working, our commitment to both our communities and the high street remains unwavering. Our strategy remains one of growth but also modernisation, ensuring we can provide modern and efficient services that our customers expect, coupled with a strong physical presence that’s rooted in the places we proudly serve.”
Monmouthshire Building Society employs over 250 people across its operating area in south Wales and the south west of England. The society said it has continued to narrow its gender pay gap. The mean ay gap has reduced by 1.69% and median pay gap by 5.23%.
