Swansea Building Society increased assets, savings and mortgage balances in 2025, while reporting profit before tax of £6.2 million.
The mutual said total assets rose by £21.4 million to £715.1 million in the year to 31 December 2025, as savings balances increased by £16.6 million to £663.9 million and mortgage balances climbed by £46.8 million to £576.9 million.
Gross mortgage completions reached £117.5 million during the year, while mortgage arrears remained low at 0.33% of total mortgage balances.
Profit before tax was £6.2 million, compared with £6.3 million in 2024, and capital reserves increased by £4.6 million to £49.1 million.
Swansea said its balance sheet continues to be funded entirely by customer savings balances and retained capital built up over time.
The society also pointed to operational progress during the year, including the launch of a mobile banking app and the introduction of online savings account opening. It also acquired premises in Abergavenny with a view to opening a new branch and secured larger premises in Carmarthen.
Alun Williams (pictured), chief executive officer of Swansea Building Society, said: “The Society has continued to meet the needs of both savers and borrowers while delivering another strong set of results.
“Our continued growth in mortgage lending, savings balances and total assets has further strengthened the foundations of the Society and ensures that we remain well positioned to support members in achieving their home ownership and savings goals.
“During 2025 the Bank of England base interest rate reduced from 4.75% at the start of the year to 3.75% by the end of December. While this easing provided some relief for borrowers, we remained mindful that many households were still facing affordability pressures and we continued to take a careful and supportive approach to lending.
“The economic conditions have meant that the Society’s flexible lending policy has remained in high demand, and the Society exceeded its gross lending targets for the year.
“At the same time, our mortgage book has continued to show great resilience, with arrears remaining extremely low at just 0.33% of total mortgage balances.
“The Society continues to invest in its future to ensure it remains sustainable, scalable and relevant. During the year we successfully launched our new mobile banking app and introduced the ability for members to open savings accounts online for the first time, allowing us to reach members across Wales while continuing to complement our branch-based service model.
“We remain fully committed to our branch network and our objective of opening and not closing branches. During the year we acquired premises in Abergavenny with a view to opening a new branch, and we also secured larger premises in Carmarthen to support the continued growth of our presence in West Wales.
“The Society’s future remains very bright. With a strong capital base, a high-quality mortgage book and a clear strategic focus, we are well positioned to continue supporting our members and communities while delivering sustainable growth in the years ahead.”
The society said its annual general meeting will be held at the Swansea.com Stadium on Thursday 23 April 2026. Members will be able to vote ahead of the meeting or attend in person, with £1 donated to Prostate Cymru for every vote received.
