Newport-based Monmouthshire Building Society has reinforced its position as a leading UK financial services provider, with exceptional growth of seven per cent.

Total assets at the society crossed the billion pound asset threshold in October 2014, reaching £1,044.1m for the year to April 30, 2015, an increase from £976m the previous year, while profit after tax reached £5.1m.

In an encouraging sign of recovery for the UK’s housing market, the society’s gross mortgage lending for the year rose 15.5 per cent to £181.4m (2014: £157m).

The positive results have been partly achieved by the provision of a range of low deposit mortgages and fixed rate products which have been well received by customers throughout England and Wales.

The ongoing quality of the Society’s mortgage lending service was acknowledged at the 2015 Moneyfacts Awards when the society was commended in the category of ‘Regional Lending Provider of the Year’.

Despite the current low interest rate environment experienced by savers throughout the country, the net inflow of retail savings remained strong during the year at £61.9m (2014: £54.6M), which is testament to the wide range of competitive savings products available to new and existing members.

Chief executive Andrew Lewis said: “This latest set of annual results demonstrate another exceptional year of business for the society. We remain a strong and secure organisation, and our continued growth is a clear indication that our product range reflects the needs of our customers, and our tried and tested formula is as relevant today as it was some 146 years ago when we were founded.

“As a regional mutual organisation, we take enormous pride in the 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”.

The society continues to invest in its branch and agency network, with the opening of four new agency offices which are located in Penarth, Cyncoed, Cinderford and Portishead, bucking the trend of other financial services providers who are moving away from the high street, while also furthering the reach of its products and services into the South West of England.

Haydn Warman, chairman, said: "We continue to significantly outperform other building societies in our peer group, and these encouraging results signify a return of confidence in the UK housing market.

“Our aim for the year ahead is simply to continue to grow the society so that we can help more people enjoy the benefits of mutuality, to enhance our products and services and continue to make a significant contribution to our local communities. Our growing retail network which prides itself on friendly, approachable staff members coupled with highly competitive, customer-focused products and services are our greatest assets, and it’s very rewarding to see our hard work pay off with these well-deserved results.”

MBS was announced as the winner in the ‘Building Stronger Communities’ category of the 2015 Wales Responsible Business Awards in recognition of its significant achievements in helping to address social, economic and environmental challenges the nation faces. Through its Billion Pound Asset Legacy Programme and Acorn Fund, it helped to support more than 40 organisations including Wales Air Ambulance, the Wallich and the Noah’s Ark Appeal.

In addition, its Charitable Foundation continues to focus on its programme of charitable support, and provided support to 21 local organisations in the last financial year alone.