Principality Building Society, which recently reported on falling Welsh house prices, said that the growth in its mortgage book was “demonstrating a step-change towards its ambitious growth plans”.
It continued: “The business is benefitting from investment made in previous years across its mortgage platforms, to continue to build resilience and adaptability amidst economic uncertainty.”
The company supported 8,134 first-time buyers on the housing ladder, a record number for the mutual.
Principality Building Society added that it had increased the number of homes owned by members to 80,883, a rise from 75,425 in 2022.
The mutual reported an underlying profit before tax of £60.3m in 2023, which is an increase from £43.5m in the previous year.
The firm said that its net interest margin (NIM) rose to 1.52 per cent in 2023, which is up from 1.39 per cent in 2022.
The mutual said that its “year-end results attest to its security, stability, resilience, and unwavering commitment to its members and communities, positioning the society for continued success in the years to come”.
Julie-Ann Haines (pictured), CEO of Principality Building Society, said: “As a building society, we’re focused on helping more people to have a place to call home and create a society of savers, and this year we have helped more homeowners and savers than ever before.
“We are also proud to commit up to three per cent of our profit to positively impact the wellbeing of the communities we serve.”
She continued: “Looking ahead, I’m confident in Principality’s ability to navigate challenging political and economic conditions. While we anticipate ever-changing times ahead, our business is well-positioned to invest further and grow for the benefit of our members, colleagues and communities.
“We remain dedicated to supporting our members’ homeownership aspirations, providing competitive savings products and making a meaningful difference in the communities we serve. As we navigate the evolving landscape, we will continue to adapt and innovate to meet the changing needs of our members, while staying true to our core values and purpose.”
