"This latest set of annual results demonstrates a significant year for Monmouthshire Building Society as we delivered a sound business performance with strong profitability in a very competitive marketplace."
In its annual results for the year to 30th April 2016, the Society said that growth has been impacted by "revised treasury management limits on fixed rate lending which restricted our ability to meet increased demand for these products".
Net lending, including commercial lending repayments, was limited to £4m which Monmouthshire attributed to "significant competition in the market leading to higher levels of redemptions".
Aside from the drop in lending, Monmouthshire saw a post tax profit of £6.4m and increased total assets to £1,073.5m, up from £1,047.9m the previous year.
Its net residential mortgage balances grew from £769m in 2015 to £775m.
The Society says its record post tax profit has been achieved "thanks to the provision of a range of low deposit mortgages and fixed rate products which have been well received by members throughout England and Wales".
Managing Director, Andrew Lewis, commented: “This latest set of annual results demonstrates a significant year for Monmouthshire Building Society as we delivered a sound business performance with strong profitability in a very competitive marketplace. We remain a strong and secure member owned organisation, and our continued growth, which has seen the Society rise to fifteenth position in the building societies ranking in terms of asset size, is a clear indication that our product range meets the needs of our members.
“As a regional mutual organisation, we take enormous pride in the ongoing support we offer local first time buyers to help them achieve their dream of owning their own home. With the announcement of a new Chief Executive, James Bawa, who will succeed me following my retirement later this year, I’m confident that the Society will continue to flourish for the benefit of members for many years to come.”
