Monmouthshire Building Society has renewed their commitment to member-led services and remaining on the high street, as they announce their financial results for 2023-24.
The Newport-based Society has announced strong profits for the last financial year, amidst challenging economic environments.
The Society announced a £2.3 million profit after tax, with total assets growing to £1.7bn.
Key results include:
- Total assets rose to £1.7 billion
- Statutory profit before tax for the year is £3.4m
- Profit after tax for the year of £2.3m
- At the year end, the Society’s total mortgage assets rose to £1.37 billion
- £1.44 billion total savings balance
- The Society continues its commitment to supporting vulnerable and disadvantaged local communities, contributing over £6,000 to their strategic charity partner, Shelter Cymru
- Customer satisfaction has remained over 95% for the majority of the year.
- Since 2022, the Society has reduced their total carbon emissions by more than half and is now using 100% renewable energy across all offices and branches
As interest rates rose during the year, the Society rewarded savers by increasing savings rates across their range. They also sought to soften the blow to mortgage members, only passing on 3.75% of the 5% bank rate increase to the standard variable rate.
Chair of the Board, Roger Turner, said:
“I am delighted that the Society has once again continued to perform strongly through what has been a challenging economic environment and tough market conditions this year.
“Against this backdrop, our mutual values and core purpose of helping members, communities and colleagues to thrive has remained, ensuring we can continue to focus on our members and their needs.
“As we enter our 156th year, Monmouthshire Building Society remains a safe, resilient home for members savings and is well positioned to meet the future challenges and opportunities that lay ahead.”
The Society remains committed to maintaining a presence on the high street at a time when many other banks and building societies are closing branches.
And with members needs ever-changing, the Society continues to progress digitally, including using robotics to provide improved services for members.
Chief Executive Officer, Will Carroll said:
“After a period of extensive growth, our focus is now on preparing for future transformation. Our strategy remains one of growth but also modernisation, ensuring we can provide the modern and efficient services our members and colleagues expect and deserve.
“We plan to continue to support the communities in which we operate by maintaining our branch footprint over the coming years. We’ll soon re-locate our Monmouth branch, enhancing the experience for members, while we also develop our digital capabilities. We also have plans to offer a physical presence in Abergavenny to service valued members.
“We are excited by what the next five years will bring as we lay solid foundations for continued success and become a truly modern, member-focused mutual for our members, colleagues and communities to thrive.”
Monmouthshire Building Society employs over 250 people across its operating area in south Wales and the south west of England. The society’s latest colleague survey showed that 95% of colleagues were proud to work at the Society.
The Society have worked hard to make sure they have the right foundations in place to continue to narrow their gender pay gap. This year the mean pay gap has reduced by 6.09% and median pay gap by 9.19%.
Communities and charities have also benefitted from the Society’s Branching into Communities programme. In addition to the £6,000 raised for Shelter Cymru, the Society has pledged over 1800 hours of volunteering time to community groups. And the Society’s Branch Sponsorship Fund has enabled branches to directly support 42 local community initiatives in their area. The Society’s independent Charitable Foundation continues its aim of supporting our local communities, awarding £35,304 to causes during the year across their operating area.
