On Thursday, April 27th, Swansea Building Society, celebrating its 100th year of trading, held its annual general meeting (AGM) at the Swansea.com stadium. At the meeting, the Society announced record-breaking financial results and presented a substantial cheque to its charity partner, Maggie’s, with each vote received equating to over a pound in donation.
At the event, which was livestreamed for the first time in its Centenary year, the board of the Society presented and explained its best-ever set of results to members as it benefitted from supporting local communities from its growing network of local branches across South Wales, while reaping the rewards of an investment programme it started in 2015. It also reaffirmed that Maggie’s will remain its charity of choice this year.
The Society was thanked by a representative from cancer charity Maggie’s, which received almost £20,000 of donations from the Building Society last year. This figure was topped by a further donation of £2,500 rounded up based on the 2,107 votes it received from members, the highest number of votes ever submitted.
Some of the other highlights of the AGM included the introduction to members of new non-executive director Sophie Thomas, an experienced solicitor with some 15 years’ experience. She replaces Paula Kathrens, who steps down after 10 years in the role, the maximum term which non-executive directors can serve in the role.
The full recording of the session as well as the Society’s full set of results can be found on its website: swansea-bs.co.uk.
Alun Williams, Chief Executive of Swansea Building Society, said:
“2023 finds the Society in confident mood. We now have a small network of four strategically located retail branches, with access to online savings for those customers who choose to use this delivery channel.
“Following the considerable investment made in the business in the five years to 2019 in particular, we have over the last three years started to see the return on that investment. As we continue to grow our balance sheet, economies of scale are starting to be seen in the Society’s profits.
“Despite the ongoing economic situation and cost of living crisis, our budget for 2023 indicates that we will continue to grow our balance sheet and capital reserves as a result of the increasing volume of mortgage assets that the society now holds.”
Lucia Osmond, Centre Fundraising Manager, Maggie’s, said:
“We really appreciate the ongoing support of Swansea Building Society. The scale of their support last year was phenomenal, and we are again grateful for their continued support into 2023. Such funds are all used locally to support individuals facing challenges associated with cancer. Thank you so much.”
The Society’s total assets, mortgage balances, savings, capital and profits all reached record highs in the 12 months to December 31, 2022. Its total assets, mortgages and savings balances all increased by a growth rate of 14% compared with the same period a year earlier.
Total assets increased to £529.8 million, growth of £66.3 million. Its savings balances reached £492.9 million, an increase of £61.6 million. Its mortgage balances were £410.9 million, an increase of £50.3 million. The Society’s mortgage growth was driven by gross mortgage completions of £112.3 million, the second highest in its history after 2021.
The Society’s growth was supported by record profits before tax of £5.4 million compared with a previous record of £5.2 million in 2021. This is vitally important to the Society, as it provides the mutual organisation with greater capital reserves to support members achieve their financial goals.
Swansea Building 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.