Monmouthshire reports £6.4m post-tax profit
Monmouthshire Building Society has announced a £6.5m post-tax profit, up from £4.7m last year.
Gross mortgage lending at the Newport-based building society came in at £139m.
Total assets at the society hit £1,073.5m for the year to 30 April 2016, up from £1,047.9m in 2015.
Andrew Lewis, managing director at the society, said: “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.”
Members invested a further £277m (gross retail receipts) in the society during the course of the year, increasing the Monmouthshire Building Society membership to more than 64,000.
Lewis added: “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.”
Haydn Warman, chairman, said: “With uncertainty in the global economy, next year will undoubtedly present further challenges, but our clear strategic plan, strong balance sheet, committed staff members and competitive products will ensure that the Society is well positioned to achieve further success.”
Monmouthshire Building Society was founded in 1869, and the business of their insurance subsidiary, Monmouthshire Insurance Services, was sold to Thomas Carroll Group Ltd in April of this year.