Its total assets, mortgage balances, savings, capital, and profits all reached record highs last year
Swansea Building Society saw unprecedented demand for its flexible, tailored mortgage products, posting its best-ever set of results in 2021.
Its total assets, mortgage balances, savings, capital, and profits all reached record highs last year.
Swansea said this was partly achieved on the back of keeping its branch offices open for face-to-face and telephone or email contact, despite the challenges of the COVID-19 pandemic.
For the entire year, the building society’s total assets increased by £49.1m to £463.5m, a 12% increase on the previous year’s figure.
Its mortgage balances grew by £58m to £360.9m, a growth rate of 19% that was driven by the lending completion of £114.7m, an increase of 71% from the £67.1m achieved in 2020.
The Society’s savings balances grew by £44.5m, a growth rate of 12%, to reach £431.3m. This increase in retail savings balances helped to fund the rise in net mortgage lending.
Read more: Swansea Building Society ups interest rates.
In addition, the growth was supported by record profits before tax of £5.2m, compared with the previous record of £3.3m made in 2020.
“As ever, as a mutual, our profits will be reinvested into the business, strengthening our capital base so that we can continue to support our members and offer competitive savings rates and a personal, tailored and common-sense approach to mortgage lending with competitive mortgage products,” Alun Williams, chief executive at Swansea Building Society, said.
“We continue to invest heavily for the future of the business in terms of people, IT and premises as we ready ourselves for a further period of sustainable growth. Our budgets for 2022 indicate we will continue to grow our balance sheet and capital reserves as a result of the increasing volume of mortgage assets that the society now holds.”
