Total assets at the Newport-based Society reached £976m for the year to April 2014, an increase from £885m the previous year; while profit after tax reached £4.0m.
In an encouraging sign for the UK’s economic recovery, the Society’s gross mortgage lending for the year rose 7.8% to £157m (2013: £146m).
The net inflow of retail savings also remained strong during the year at £54.6m (2013: £52.7M), achieved as a result of the Society’s policy to protect the position of its loyal customer base.
Chief Executive, Andrew Lewis, commented:
“Our latest set of results demonstrates that Monmouthshire Building Society has experienced yet another exceptional year of business. We remain a strong and secure organisation, and our continued growth is a clear indication that customers continue to respond to both our competitive and innovative products and our first class customer service”.
He continued: “As a regional mutual organisation, we take particular pride in the successful ongoing support we offer local first time buyers to help them achieve their dream of owning their own home. The strength of our overall net lending reflects the Society’s continued focus on the provision of affordable finance and prudent mortgage lending”.
Robert Williams, Chairman, added:
"The Society continues to significantly outperform the competition, and has achieved record results which signify a return of confidence in the housing market. The key to the Society’s sustained growth is, for the most part, due to its ability to consistently meet the varied financial needs of our loyal customer base”.
“Our mutual status enables us to put the interests of our members first at all times, rather than being led by the demands of external shareholders. The expansion and development of our retail network, coupled with market-leading, customer-focused products and services, further demonstrates the high quality, personable approach that the Society is renowned for."
