Swansea Building Society has seen its total assets reach almost £530m after posting record growth and profits. The mutual, which has offices in Mumbles, Carmarthen, Cowbridge and Cradock Street in Swansea, saw total assets reach £529.8m in the 2022 financial year - up £66.3m on 2021.
Total assets comprise the society’s mortgages, assets held for liquidity purposes, and a small amount of other assets. The organisation posted pre-tax profits of £5.4m - up from £5.2m in 2021 - giving the organisation greater capital reserves.
Total assets, mortgages and savings balances all increased by a growth rate of 14% compared with the same period a year earlier. Its savings balances reached £492.9 million, an increase of £61.6 million. While mortgage balances were £410.9 million, an increase of £50.3 million.
