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Birmingham Post

Business

Sion Barry

Monmouthshire Building Society report record profits

Welsh Government

Monmouthshire Building Society has announced record profits as it looks to deliver on the Welsh Government’s commitment of creating a new community bank.

The Newport-headquartered mutual posted profits after tax of £7.8m for its financial year to the end of April, 2022, compared to £1.57m in the previous year – underlying profits before tax were £5.16m compared to £1.3m previously.

A significant driver of profitability related to fair value hedging.

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