Monmouthshire Building Society has announced its annual results which show another sound financial performance coupled with a commitment to invest in the Society’s infrastructure for the long-term benefit of both current and future members.
Key Performance Highlights:
- Pre-tax profit £5.7million
- Reserves have grown to £61m
- Lending for the year has increased to £141.2m
Haydn Warman, the Society Chairman, said:
“The Monmouthshire performance for the year has to be seen in the context of a continuing low interest rate environment, economic uncertainty, and a fiercely competitive mortgage market.
“Our annual results demonstrate that the Society is well equipped to cope with these challenges.
“We remain fully committed to our regional franchise as a strong and independent building society offering our member members a first class service and a range of competitive products.
“We have continued to pursue the concept of mutuality by balancing the interests of both investing and borrowing members as equitably as possible within the framework of market forces.
“The Society is currently performing a review of its member experience from initial onboarding right through the entire product life cycle.
“This will ensure the Society continues to offer its members products tailored to its members’ needs, along with a focus on delivering the best possible service.”
Mr Warman says this review is being unpinned by investment in the building society’s infrastructure and its staff.
“The Society is committed to investing in its information technology systems with a priority of enhancing our members’ experience.
“And underpinning the development and successful execution of the Society’s strategy are the people in the business, the culture and their values and capability.
“Ongoing investment in training and resourcing will ensure that there is the right capability at all levels within the business to successfully implement the strategy.”
The Chairman said this strategy will enable the Society to continue its focus on keeping its Statement of Financial Position safe, secure, and fit for purpose for both the regulatory environment of today, and that of the future.
“Our capital position is more than sufficient to meet our regulatory requirements.”
Monmouthshire Building Society Annual Report and Accounts Year Ended 30 April 2017 can be read here http://www.monbs.com/annual-report/