Swansea Building Society reports record mortgage lending and asset growth

Swansea Building Society has reported record-breaking results for 2024, achieving its highest-ever growth in total assets, mortgage lending, and savings balances, despite the challenges posed by the economic environment.

For the year ending 31 December 2024, the Society recorded double-digit growth across key financial metrics:

Total assets increased by 14% to £693.7 million.
Savings balances grew by 14% to £647.3 million.
Mortgage balances expanded by 11% to £530.1 million, supported by gross mortgage completions of £111.0 million.

The Society also reported record pre-tax profits of £6.3 million, surpassing the previous year’s £6.2 million and increasing its capital reserves by 12% to £44.5 million.

STRONG MORTGAGE PERFORMANCE DESPITE HIGH INTEREST RATES

Despite the Bank of England base rate remaining at a 16-year high for most of 2024, Swansea Building Society exceeded its gross lending targets.

Alun Williams (pictured), chief executive of Swansea Building Society, said the Society was committed to supporting borrowers in a challenging market, adding: “The economic conditions have meant that the Society’s flexible lending policy has been in high demand, and the Society exceeded its gross lending targets for the year.

“At the same time, our mortgage book has shown great resilience to the high interest rate environment and other cost-of-living pressures, with our arrears statistics remaining excellent during the year.”

Looking ahead, Williams expects relief for mortgage borrowers as interest rates decline: “As we head into a forecast downward interest rate curve, I hope to see these pressures subside further for our mortgage borrowers.”

As the Society celebrates its 101st year, it is continuing to invest in its digital transformation to improve the delivery of mortgage and savings products. It also reaffirmed its commitment to maintaining its branch network, going against the industry trend of closures.

“We remain fully committed to our branch network, and our objective of ‘opening and not closing branches’. We will continue to support mortgage niches which the wider mortgage market lacks the resources or knowledge to do so,” Williams said.

The Society will hold its Annual General Meeting at the Swansea.com stadium on 24 April 2025. Members can vote in advance or attend in person, with the Society pledging to donate £1 to Prostate Cymru for every vote received.