Swansea Building Society has reported record growth in assets and savings, achieving a 14% increase in both, and an 11% rise in mortgages for the year ending 31st December 2024.
Total assets rose by £86.7m to £693.7m, with savings reaching £647.3m and mortgage balances at £530.1m.
The society’s profits before tax reached £6.3m, boosting capital reserves by 12% to £44.5m.
Alun Williams, chief executive at Swansea Building Society, said: “The society has continued to meet the needs of both savers and borrowers, while delivering another record set of results.
“Our record asset growth supported by record profitability has further strengthened our foundations for future sustainable growth in order that we can help more members to buy their own home or reach their financial savings goals.
“This has been achieved while investing in the Society to ensure it remains sustainable, scalable and relevant in the future.”
Williams added: “I am delighted with the dedication and care shown by my colleagues to deliver the level of service our existing and new members deserve, while through our charity and volunteering work, we have supported those people in our communities who need help the most.”
Williams highlighted the society’s flexible lending policy and its resilience to high-interest rates, noting mortgage book performance remained strong despite economic challenges.
He said: “The society has a very strong internal culture that reflects our purpose of serving our customers.
“Our people play a vital role in the continued success of the society and our members and professional contacts benefit from dealing with loyal, motivated, and well trained staff.
“Our staff have once again shown the right skills, behaviours and values that have been key to the Society’s success.”
He added: “Every single colleague at the society has worked hard to provide members with our usual high standard of service, and the society’s customer satisfaction score of 98% suggests that we have continued to be successful in doing so.”
Williams also mentioned that they enhanced their environmental, social, and governance strategy in 2024 to align with the Wales We Want report.
In addition, he emphasised the importance of the society’s social responsibilities, including the recent partnership with Prostate Cymru as their charity of the year for 2025.
He said: “We remain fully committed to our branch network, and our objective of ‘opening and not closing branches’.
“We will continue to support mortgage niches which the wider mortgage market lacks the resources or knowledge to do so.
“I would like to thank all my colleagues for their contribution to a record performance in 2024, and I look forward to delivering on our plans in 2025 as we continue to look after the needs of our members and communities.”
