The Swansea Building Society has seen unprecedented demand for its flexible, bespoke mortgage products, posting its best set of results in 2021.
Its total assets, mortgage balances, savings, capital and profits all hit record highs last year.
Swansea said this was partly achieved by keeping its branches open for face-to-face and telephone or email contact, despite the challenges of the COVID-19 pandemic.
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For the full year, the construction company’s total assets rose by £49.1 million to £463.5 million, an increase of 12% on the figure for the year. ‘last year.
Its mortgage balances increased by £58m to £360.9m, a growth rate of 19% which was driven by loan completions of £114.7m, an increase up 71% from the £67.1m achieved in 2020.
The Company’s savings balances increased by £44.5 million, representing a growth rate of 12%, to £431.3 million. This increase in personal savings balances helped finance the increase in net mortgage loans.
Read more: Swansea Building Society is raising interest rates.
In addition, growth was supported by record pre-tax profits of £5.2m, up from the previous record of £3.3m achieved in 2020.
“As always, as a mutual, our profits will be plowed back into the business, strengthening our capital so that we can continue to support our members and offer competitive savings rates and a personal, tailored and sensible approach to mortgages with competitively priced mortgage products,” said Alun Williams, managing director of Swansea Building Society.
“We continue to invest heavily in the future of the business in terms of people, IT and premises as we prepare for a new period of sustainable growth. Our budgets for 2022 indicate that we will continue to grow our balance sheet and our capital reserves due to the growing volume of mortgage assets the company now holds.