Monmouthshire Building Society has reported a sharp rise in annual profits.
The Newport-headquartered mutual saw profits rise by 61% to £3.7 million in the financial year ending April 2025, up from £2.3 million in the previous year. Statutory profit before tax stood at £4.9 million, and total assets climbed to £1.72 billion.
Mortgage and savings growth also remained strong. The Society’s mortgage book reached £1.38 billion by year end, while savings balances totalled £1.37 billion, further reinforcing its balance sheet strength.
Marian Evans, chair of the board, said the figures demonstrated the Society’s ability to stay focused on its core purpose during a challenging year.
“We’re incredibly proud of the Society’s performance this year. Despite a challenging external environment, our 2024–25 financial results reflect our strength and resilience, being able to deliver on our purpose of ‘helping customers, communities and colleagues to thrive’,” she said.
“Thanks to the trust of our customers and the dedication of our colleagues, the Society has delivered a strong and stable financial performance whilst entering a critical period of business transformation.”
The mutual is currently investing in new technologies to streamline customer experience and ensure long-term operational efficiency. Chief executive Will Carroll said the financial results were a reflection of the progress being made in modernising the organisation.
“This year’s financial results are a clear reflection of the progress we’re making in transforming the Society for the future,” he said. “As we invest in new technologies and ways of working, our commitment to both our communities and the high street remains unwavering.
“Our strategy remains one of growth but also modernisation, ensuring we can provide modern and efficient services that our customers expect, coupled with a strong physical presence that’s rooted in the places we proudly serve.”
The Society also reported consistently high customer satisfaction levels, with over 95% satisfaction recorded for most of the year.
In line with its social commitments, the Society donated £15,000 to local charities and community initiatives, and continued its financial education outreach through the 2B Enterprise programme, which is delivered in schools across the region.
Environmental progress was also noted, with a 10% year-on-year reduction in operational emissions. The Society has made sustainability a core part of its business strategy.
With more than 250 employees across south Wales and the south west of England, Monmouthshire also continues to address workforce equality. It reported a reduction in its gender pay gap this year, with the mean gap narrowing by 1.69% and the median by 5.23%.
