Monmouthshire saw a post-tax profit of £1.6m in 2021
Monmouthshire Building Society saw post-tax profits rise to £1.6m for 2021, with underlying profits before tax reaching £1.3m, as reported within the lender’s annual results for 2020/21.
At the year end, the society’s total mortgage assets had grown by 11% to £1.14bn and retail funding and deposits inflow was £139m, up from £108m in 2020.
Customer satisfaction scores were high with 95% of members surveyed saying they would use the society again and 94% stating they would recommend the society to family and friends.
Will Carroll, chief executive at Monmouthshire Building Society, said: “Despite the challenges of the COVID-19 pandemic, I am delighted to report that the society has had a successful year. The past year has been challenging for us all but despite a difficult period we’ve not stood still.
“As a mutual society we are committed to delivering on our purpose to help members, communities and colleagues to thrive today and tomorrow.
“With competitive, value for money and accessible products, the society has continued to help borrowers at a time when many lenders deserted those with low deposits due to the uncertainty of the pandemic.
“We’ve supported 1,057 new members onto the property ladder over the last financial year, growing our mortgage book by 11%, a performance recognised by Moneyfacts Consumer Awards as the First Time Mortgage Buyers Choice.
“Despite record low interest rates, we have also maintained competitive savings rates for our loyal investing members across all distribution channels.
“The society embraces its responsibility to help address some of the social, economic and environmental challenges its members, communities and colleagues face, and we’ve been able to support our communities throughout the pandemic through our ever-growing community initiatives.
“As we move into a new financial year, we unveil an ambitious new strategy, building on the investment in our business over recent years, which will look to move the society forward and ensure a long-term sustainable future.”
Debra Lewis, chair of Monmouthshire Building Society, added: “The positive results achieved highlight our member-led approach and demonstrate our core values that run through the heart of our organisation.
“It’s been an unprecedented year in which the society has been able to maintain a focus on delivery of wider strategic initiatives, demonstrating resilience and agility to adapt and reprioritise its plans in response to the continually changing environment.”