Monmouthshire Building Society Reports Impressive Financial Growth for 2024-25
In a significant boost to its operations, Monmouthshire Building Society, headquartered in Newport, recently unveiled its financial results for the year 2024-25. This year’s performance showcases a remarkable 61% increase in profits, rising from £2.3 million to £3.7 million. The Society’s total assets have also reached a substantial £1.72 billion, signifying a strong presence in the financial landscape.
Key Financial Highlights
Monmouthshire Building Society’s annual report outlined several noteworthy achievements:
- Total Assets: The Society’s overall assets now stand at £1.72 billion, reflecting robust growth.
- Profit Metrics: Statutory profit before tax has reached £4.9 million, with profit after tax recorded at £3.7 million.
- Mortgage Asset Growth: The end-of-year figures show that total mortgage assets have escalated to £1.38 billion, while total savings balances have risen to £1.37 billion.
- Community Contributions: The Society has committed £15,000 to various local charities and community initiatives, alongside supporting financial education programs in schools via the 2B Enterprise initiative.
- Sustainability Efforts: Demonstrating environmental responsibility, Monmouthshire has achieved a further 10% reduction in operational emissions compared to previous years.
- Customer Satisfaction: Remarkably, the Society has maintained a customer satisfaction rate of over 95% for most of the year.
Leadership Perspectives
Marian Evans, Chair of the Board, expressed pride in the Society’s ability to thrive amidst external challenges. She emphasized that the results reflect not just financial strength but also a commitment to fulfilling their mission of helping customers, communities, and employees flourish. “Thanks to the trust of our customers and the dedication of our colleagues, the Society has delivered a strong and stable financial performance,” Evans noted.
Will Carroll, the Chief Executive Officer, shared insights into how these results are indicative of the Society’s ongoing transformation. He stated, “As we invest in new technologies and ways of working, our commitment to both our communities and the high street remains unwavering.” Carroll highlighted that the Society aims for both growth and modernization, ensuring the delivery of efficient services while keeping a robust physical presence in the regions they serve.
Commitment to Diversity
Monmouthshire Building Society continues to be an advocate for gender equity in the workplace. The Society has made strides in narrowing its gender pay gap, with the mean pay gap decreasing by 1.69% and the median pay gap by 5.23%. This commitment to improving workplace diversity adds another layer of responsibility and integrity to their operations.
Community Focus and Future Innovation
With over 250 employees across South Wales and the south-west of England, Monmouthshire Building Society emphasizes community engagement as part of its core values. This focus on the local population aligns with their aim to invest in technology that simplifies the customer experience, ensuring they are prepared for future challenges and opportunities.
For those interested in delving deeper into the full financial results, more information can be found on their website at www.monbs.com.
A Path Forward
As Monmouthshire Building Society navigates through a critical period of business transformation, its commitment to customer service, community support, and environmental sustainability positions it well for future growth and continued success in the financial sector. With a clear vision and the backing of its dedicated workforce, the Society anticipates an exciting future ahead.
