Newport-based Monmouthshire Building Society has announced its annual results which show another strong financial performance in a challenging operating environment.

This coupled with further investment in the society’s infrastructure will ensure the long-term benefits to both current and future members.

The results show a pre-tax profit £3.9m and total assets of £1,059.1m. The society's reserves have grown to £64m and lending for the year increased to £186m.

Debra Lewis, the society's chairman, said: “The performance for the year shows the high level of commitment from the Board to ensuring the member experience, colleague development and further investment in infrastructure is fully supported within the five-year strategy.

“The board has re-defined the society’s five-year strategy, increasing growth targets in line with our aspirations to continue on the positive journey the society embarked upon in 2017.

“Although we continue to operate in a challenging environment both in terms of savings and mortgages, this year’s annual results demonstrate that the society is well equipped to cope with these challenges.

“The society has recognised its loyal members by passing on the full benefit of Bank of England rate changes in the year, and is one of the few financial institutions that has announced it is passing on the full bank rate change announced in August. We will continue to support all members with member-led propositions, offering the very best service.

“Progress on revitalising the brand, including a fully responsive website has continued at pace throughout the year. Investment in our branch and agency footprint continues to be a key focus, with new locations being sought, bucking the trend of other financial service businesses.

“In the next year the society will celebrate its 150th birthday and see further development as we implement our strategy.”