The mutual also remains committed to its high street presence

Swansea Building Society has reported a rise in total assets while maintaining healthy profit levels. The mutual has continued to grow despite an uncertain economic environment and increased competition within the savings market.

For its 2025 (calendar) financial year its total assets increased by £21.4m to £715.1m. Its savings balances increased by £16.6m to £663.9m. Mortgage balances grew by £46.8m to £576.9m, driven by gross mortgage completions of £117.5m during the year. Mortgage arrears remained low at just 0.33% of total mortgage balances.

It posted a pre-tax profit of £6.2m (2024: £6.3m). This increased its capital reserves by £4.6m to £49.1m. Maintaining strong capital reserves is vitally important to the Society as it provides greater financial strength and ensures it can continue to support members in achieving their financial goals.

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The society’s balance sheet is funded entirely by customer savings balances and its own capital reserves built up from retained profits over many years

Last year saw the mutual launching a new mobile banking app and introduced the ability for members to open savings accounts online for the first time. It also acquired premises in Abergavenny with a view to opening a new branch, and secured larger premises in Carmarthen.

Its chief executive, Alun Williams, said: “The society has continued to meet the needs of both savers and borrowers while delivering another strong set of results. Our continued growth in mortgage lending, savings balances and total assets has further strengthened the foundations of the society and ensures that we remain well positioned to support members in achieving their home ownership and savings goals.

“During 2025 the Bank of England base interest rate reduced from 4.75% at the start of the year to 3.75% by the end of December. While this easing provided some relief for borrowers, we remained mindful that many households were still facing affordability pressures and we continued to take a careful and supportive approach to lending.

“The economic conditions have meant that the Society’s flexible lending policy has remained in high demand, and the society exceeded its gross lending targets for the year. At the same time, our mortgage book has continued to show great resilience, with arrears remaining extremely low at just 0.33% of total mortgage balances.

“One of the society’s key aims is to help savers reach their financial goals and to deliver sustainable returns over their long relationship with us. During 2025 the savings market became considerably more competitive, however, we remained focused on offering fair and competitive returns to savers while carefully managing the society’s margins to ensure long-term financial sustainability.”

Mr Williams said it remains committed to its branch network, with an objective of opening and not closing branches.

He added: “During the year we acquired premises in Abergavenny with a view to opening a new branch, and we also secured larger premises in Carmarthen to support the continued growth of our presence in West Wales.

“The society’s future remains very bright. With a strong capital base, a high-quality mortgage book and a clear strategic focus, we are well positioned to continue supporting our members and communities while delivering sustainable growth in the years ahead.”

The mutual will hold its annual general meeting at the Swansea.com Stadium on April 23.