Swansea Building Society held its annual general meeting (AGM) at the Swansea.com Stadium, with the event including a donation to its official charity partner, Prostate Cymru.
At the well-attended meeting, the board outlined the Society’s financial performance and highlighted the continued success of its community-focused approach. This includes the expansion of its branch network across South Wales, alongside the benefits of an ongoing investment programme that began in 2015.
The AGM also underlined the Society’s ongoing commitment to Prostate Cymru. A cheque for £2,000 was presented on the day, reflecting the pledge to donate £1 for each member vote cast, which was then rounded up by the Society.
The Society achieved significant growth in its total assets, mortgages, savings and capital for the fourth year running, despite the difficult economic environment.
For the year to 31st December 2025, its total assets increased by £21.4 million to £715.1 million. Its savings balances increased by £16.6 million to £663.9 million, while its mortgage balances grew by £46.8 million to £576.9 million, driven by gross mortgage completions of £117.5 million during the year. Mortgage arrears remained low at just 0.33% of total mortgage balances.
The Society’s growth was supported by another strong financial performance. Its profit before tax reached £6.2 million (2024: £6.3 million). This increased its capital reserves by £4.6 million to £49.1 million. Maintaining strong capital reserves is vitally important to the Society as it provides greater financial strength and ensures it can continue to support members in achieving their financial goals.
Alun Williams, Chief Executive of Swansea Building Society, said:
“We’re pleased to report another year of strong, consistent performance for Swansea Building Society, reflecting the continued trust of our members and the strength of our community-focused approach. Our growth has been achieved while maintaining prudent lending standards and strong capital reserves, ensuring we remain well placed to support our members for the long term.
“It was also a pleasure to come together at our AGM and continue our support for Prostate Cymru, a charity doing vital work across Wales. We’re proud that our members’ engagement has once again helped contribute to such an important cause.”
The Society remains one of the few financial institutions in the UK that receives no wholesale funding or support from the Bank of England in the form of cheap funding. Its balance sheet is funded entirely by customer savings balances and its own capital reserves built up from retained profits over many years.
