According to its latest financial report, its cumulative residential lending growth in the last three years was £2.8bn.
Principality Building Society said its mortgage book net growth came to around £600m, which it said was due to “prudent lending practices”.
The company noted that its mortgage book had around 88,941 members, which compares to 87,588 in the year before.
It added that it had assisted 8,277 first-time buyers, a rise from 8,120 in the prior year.
On the commercial side, its lending book grew by 9.2% year-on-year to £867m, with £70m lent to housing associations. The latter is up from £51m in 2024.
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Principality Building Society said it has aspirations to reach £1bn in 2026 and has taken its first steps in the English housing association market via a £20m lending agreement with Rochdale Boroughwide Housing Association.
The firm’s statutory profit before tax came to £60m, a rise from £492.m in the prior year.
Iain Mansfield, chief executive of Principality Building Society, said: “Having served this business for the last 10 years of my career, I’m immensely proud to be leading the society. It’s the start of a genuinely transformational period, one where we will take the next bold steps to reimagine how we deliver for our members.
“The pace of societal change is rapid, with advancements in technology reshaping financial services markets and customer expectations.
“At the same time, members and businesses face a volatile external environment and economic uncertainty, with the Bank of England base rate remaining elevated.”
Mansfield continued: “This is a pivotal moment for the society, as we navigate a period of subdued economic growth, balancing the needs of savers and borrowers as we face into the Bank of England projected rate declines, while also recognising the need to invest and evolve the business for the longer term.
“This means reimagining how we deliver for members now, as a trusted, digital, society with excellent customer service that is easy to do business with, while also using our convening power in the sector to drive impact beyond our scale.
“We are a mutual with the scale, ambition and a sharp commercial focus that will enable investment that continues to drive results and ensure we remain relevant for our members today and tomorrow.”
