By opening a new branch in centre of Swansea
money markets to fund either asset growth or mortgage lending.
“We need more space in our head office to accommodate growth. The launch of the Portland Street branch will allow us to both free up space in Cradock Street and place our customer-facing branch in the heartland of Swansea, boosting our profile and visibility at the same time,” Mr Williams said.
Mr Williams anticipates that the new branch will be officially opened to the public in the fourth quarter of 2017.
The AGM also formally announced Swansea Building Society’s 2016 results. The society enjoyed a strong increase in its total assets and a modest increase in its profits in 2016, mainly driven by the success of its newest branch in Carmarthen, which generated increased retail savings and mortgage balances during the year.
The building society’s annual income was £5.7m in 2016, an increase of £300,000, or 6%, on its income of £5.4m a year earlier.
The society also increased its net profit to just over £2m, an increase of £12,000 in comparison to 2015, despite the appointment of additional staff at its Carmarthen branch and head office, and continued investment in its IT systems.
The building society’s total loan book increased to £185m in 2016, an increase of £15.2m, or 8.9%, on the £170m outstanding in 2015.
This helped generate an operating profit before impairment losses and Financial Services Compensation Scheme (FSCS) provisions of £2.7m, which, in turn, led to increased capital, which now stands at £17.8m.