Monmouthshire Building Society maintained its post-tax profit at £3.7 million in 2025/26 despite significant investment in its transformation programme.

The Newport-based mutual reported underlying profit before tax of £6.6 million, while total assets edged up to £1.73 billion from £1.72 billion in the previous year.

Its mortgage book stood at £1.36 billion and its total savings balance reached £1.39 billion at the year end.

Customer satisfaction remained at 88% for most of the year.

The society donated £53,000 to 51 charities and community initiatives across south Wales. This included support for businesses, community groups and residents affected by flooding in Monmouth in November 2025, as well as financial education in schools through the 2B Enterprising programme.

Chair of the board Marian Evans said: “We’re very pleased with the Society’s performance this year – we have continued to demonstrate resilience during a period of significant change and investment.

“The past year has been a pivotal period in the delivery of our strategy. Good progress has been made in implementing new core systems, which are already delivering tangible benefits to our intermediary partners, customers and colleagues.

“Thanks to the loyalty and trust of our customers and the commitment of our colleagues, the Society has delivered a stable financial performance during a critical period of business transformation, ensuring we deliver on our vision of being a trusted financial partner, exceeding expectations.”

CHIEF EXECUTIVE DEPARTURE

The society also announced at its annual general meeting that Will Carroll had left his position as chief executive after 22 years with the business.

Carroll joined the society in 2004. Dawn Gunter has been appointed interim chief executive while a permanent successor is sought.

Gunter (pictured) said: “Our 2025/26 financial results show a strong performance and disciplined progress as we moved from a period of growth to the early stages of our significant transformation and modernisation.

“This transformation programme is laying down the foundations that are pivotal for the next stage of our growth strategy. We have modernised our lending and digital capability, improved our customer service and security and strengthened our operational capability.

“All of this has been achieved while also delivering great customer service, controlling our risk and maintaining business as usual – which I am extremely proud of.

“This is a very exciting time for the Society, as we build on everything we have already achieved and delivered in this financial year and move confidently into the next phase of our strategy.”

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