Swansea Building Society Celebrates Record Results at AGM
Swansea Building Society held its annual general meeting (AGM) to present and explain its best-ever financial performance to members.
It said the results reflected the Society's continued focus on supporting local communities through its growing network of branches across South Wales, alongside the benefits of an ongoing investment programme that began in 2015.
The AGM at the Swansea.com Stadium also marked the beginning of the Society's new charity partnership with Prostate Cymru. A cheque for £2,000 was presented to the charity, reflecting the Society's pledge to donate a pound for each member vote received.
In addition to reviewing its financial performance, the Society announced the successful launch of its brand-new mobile app and online service, which now allows customers to open a savings account and manage their finances at their convenience. This development was highlighted as an enhancement — rather than a replacement — of the Society's highly valued face-to-face service through its local branch network.
Alun Williams, Chief Executive of Swansea Building Society, said:
'We were delighted to report another record set of results and to celebrate them in the company of our members at this year's AGM. Our record asset growth, supported by strong profitability, has further strengthened our foundations for sustainable future growth.
'Alongside our financial achievements, we have continued to invest in the Society to ensure it remains modern, relevant, and accessible. The launch of our new app and online savings service is a key part of this — giving members the convenience of managing their money in the way that suits them best.
'That said, we remain absolutely passionate about our objective of opening and not closing branches, preserving personal, face-to-face service for those who prefer it. The app is designed to complement this, not replace it.
'Our continued growth and high levels of customer satisfaction reflect the care and dedication of our team, and I am proud of the positive difference we continue to make to our members and our local communities.'
The Society achieved double digit growth in its total assets, mortgages, savings and capital for the fourth year running, despite the difficult economic environment.
For the year to December 31, 2024, total assets and savings both grew by 14%, while mortgages grew by 11%. Total assets increased by £86.7m to £693.7 million and savings balances increased by £81.8 million to £647.3 million, while mortgage balances grew by £52.3million to £530.1 million, driven by gross mortgage completions of £111.0 million.
The Society's growth was supported by record profits before tax of £6.3 million, beating the previous record of £6.2 million achieved in 2023. This increased the Society's capital reserves by 12% to £44.5 million. This is vitally important, as it provides greater reserves to support members achieve their financial goals.
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.
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