Swansea notes record growth in 2019
Swansea Building Society recorded record growth in 2019.
The society’s total assets increased by £61.0m to £370.4m, representing a growth rate of 20%.
In addition, its mortgage balances increased by £40.1m to £273.4m, a growth rate of 17.1%.
According to the building society, all of its growth in net mortgage lending was funded by a £59.2m increase in retail savings balances from personal customers.
Furthermore, gross mortgage lending reached £74.3m in 2019, up from £62.2m in 2018.
Despite this, mortgage arrears remained low, at £41k, representing 32 customers on a mortgage book of £273.4m and 1,761 mortgage customers.
Net interest receivable in 2019 was recorded at £7.4m, compared with £6.9m in the previous year.
The firm’s pre‐tax profits last year were £2.3m, down on the £2.6m noted in 2018.
Alun Williams, chief executive of Swansea Building Society, said: “I am delighted to report that the society has delivered a very strong performance in 2019.
“We opened our new Swansea branch on 7 January, 2019, and it has considerably helped improve our brand awareness in view of its prominent high street location.
“We believe the success of our approach can be witnessed by the society seeing a net increase of 2,817 savings members in the year, taking the society’ total membership to above 20,000 for the first time in its history.
“However, the biggest impact to our profitability was as a result of the society maintaining its market leading savings rates for its members for the full year.
“This was despite almost all other banks and building societies cutting rates and our savings balances on which we pay interest increasing by £59.2m.”