Newport-based Monmouthshire Building Society's chief executive James Bawa has stepped down from his role after nine months in the job.

He decided to resign as chief executive on grounds of ill health with effect from July 31, 2017.

The society's board have thanked him for his work over the past nine months and wish him well in achieving a good and speedy recovery.

Finance director Will Carroll will take on the role of interim chief executive. He has been finance director and a member of the board for the past seven years.

The society, which has its head office in John Frost Square, Newport, has issued it's annual report which shows that 2016/17 was another solid year in terms of performance in a market with increased competition from within the building society sector, banks and challenger banks.

The society said: "We have seen considerable change over the last 12 months, but change that will enable us to achieve our mission of long-term sustainable mortgage growth. The society also recognises that a period of investment is required in our infrastructure, physical locations and people. The board are very keen for this to progress, and 2017/18 will be a key year for many business-wide projects."