Monmouthshire Building Society completed £219m in gross mortgage lending for the year to April 2025, down from £238m the year before.
The mutual’s mortgage assets rose to £1.38bn, compared to £1.36bn previously, while its net interest margin was flat at 1.9%.
It said competition “remained fierce” over the year, but effective pricing and competitive products allowed the mutual to manage its growth sustainably.
The mutual said its loan loss provisions decreased, and arrears stayed low as a result of its responsible lending policy and underwriting criteria.
Some 94 accounts were in arrears of one month or more, slightly down from 97 at the end of the previous year. This was at a value of £300,000.
Monmouthshire Building Society delivered a profit after tax of £3.7m, up from £2.3m the year before.
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Marian Evans, chair of the board, said: “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’.
“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.
“Our continued investment in new technology will make it easier for our customers to do business with us and ensure that the society is well-equipped to meet the future challenges and opportunities that lie ahead.”
Will Carroll, chief executive of Monmouthshire Building Society, added: “This year’s financial results are a clear reflection of the progress we’re making in transforming the society for the future.
“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.”
Monmouthshire Building Society added that it continued to narrow its gender pay gap, and this year, the mean pay gap has reduced by 1.69% and the median pay gap by 5.23%.
The mutual also donated £15,000 to local charities and community initiatives and supported financial education in schools through the 2B Enterprise programme.
Earlier this year, the firm partnered with mortgage technology provider MQube to deliver faster mortgage decisioning.
