Monmouthshire gross lending up 7.5% in 2014

Monmouthshire Building Society has reported a 7.5 per cent rise in gross mortgage lending for the financial year ended 30 April 2014.

In its annual report, published today, the mutual reports gross lending of £157m, up from £146m advanced in the previous year.

Pre-tax profits were £5.2m, up 27 per cent from £4.1m a year earlier, while total assets grew 10.3 per cent to £976m, up from £885m in 2013.

There was a net inflow of retail savings of £54.6m, compared with last year’s £52.7m.

Monmouthshire BS chief executive Andrew Lewis says: “These results demonstrate that we have experienced yet another exceptional year of business.

“As a regional mutual organisation, we take particular pride in the successful ongoing support we offer local first time buyers to help them achieve their dream of owning their own home. The strength of our overall net lending reflects the Society’s continued focus on the provision of affordable finance and prudent mortgage lending.”