Monmouthshire Building Society has published its financial results for 2024-25.
The Newport-based Society has announced a 61% increase in profits for the last financial year, up from £2.3million, to £3.7million, and total assets reaching £1.72bn.
Key results include:
– Total assets increased to £1.72 billion
– Statutory profit before tax for the year is £4.9 million
– Profit after tax for the year of £3.7million
– At the year end, the Society’s total mortgage assets rose to £1.38 billion
– Year-end total savings balance of £1.37 billion
– The Society donated £15,000 to local charities and community initiatives and supported financial education in schools through the 2B Enterprise program.
– The Society’s commitment to environmental sustainability has progressed, with a further 10% reduction in operational emissions.
– Customer satisfaction has remained over 95% for the majority of the year.
Chair of the Board, Marian Evans said:
“We’re incredibly proud of the Society’s performance this year. Despite a challenging external environment, our 2024–25 financial results reflect our strength and resilience, being able to deliver on our purpose of ‘helping customers, communities and colleagues to thrive’.
“Thanks to the trust of our customers and the dedication of our colleagues, the Society has delivered a strong and stable financial performance whilst entering a critical period of business transformation.
“Our continued investment in new technology will make it easier for our customers to do business with us and ensure that the Society is well equipped to meet the future challenges and opportunities that lie ahead.”
Chief Executive Officer, Will Carroll said:
“This year’s financial results are a clear reflection of the progress we’re making in transforming the Society for the future.
“As we invest in new technologies and ways of working, our commitment to both our communities and the high street remains unwavering. Our strategy remains one of growth but also modernisation, ensuring we can provide modern and efficient services that our customers expect, coupled with a strong physical presence that’s rooted in the places we proudly serve.”
Monmouthshire Building Society employs over 250 people across its operating area in south Wales and the south west of England.
The Society has continued to narrow its gender pay gap and this year, the mean pay gap has reduced by 1.69% and median pay gap by 5.23%.
The full financial results can be found on the Society website
