It commits to maintaining its branch network while enhancing services
Monmouthshire Building Society has reported strong financial results for the 2023-24 fiscal year, recording a £2.3 million profit after tax with total assets rising to £1.7 billion.
The Newport-based building society’s statutory profit before tax reached £3.4 million, and total mortgage assets increased to £1.37 billion while total savings balance grew to £1.44 billion.
In response to rising interest rates, the mutual said it increased savings rates across its range while limiting the impact on mortgage members by passing on only 3.75% of the Bank of England’s 5% rate increase to its standard variable rate.
In its annual results report, the building society also highlighted its dedication to community support, contributing over £6,000 to its strategic charity partner, Shelter Cymru, and achieving over 95% customer satisfaction for most of the year. Monmouthshire also reported that it reduced its carbon emissions by more than half since 2022 and now uses 100% renewable energy across all offices and branches.
Monmouthshire Building Society employs over 250 people across its operating area in South Wales and the South West of England. A recent survey indicated that 95% of colleagues are proud to work at the society.
The mutual also reported progress in narrowing its gender pay gap, reducing the mean pay gap by 6.09% and the median pay gap by 9.19% this year.
Through its Branching into Communities programme, the society pledged over 1,800 hours of volunteer time and supported 42 local initiatives through its Branch Sponsorship Fund. Its independent charitable foundation awarded £35,304 to local causes during the year.
“Our mutual values and core purpose of helping members, communities, and colleagues to thrive have remained steadfast,” said Roger Turner (pictured left), chair of the board of Monmouthshire Building Society. “As we enter our 156th year, Monmouthshire Building Society remains a safe, resilient home for members’ savings and is well-positioned to meet future challenges.”
Chief executive Will Carroll (pictured right), meanwhile, outlined the society’s strategy, which includes maintaining its branch network while enhancing digital services.
“After a period of extensive growth, our focus is now on preparing for future transformation,” Carroll said. “We plan to continue supporting the communities in which we operate by maintaining our branch footprint and developing our digital capabilities.”
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