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Swansea Building Society reaches new highs in 2017 results

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SWANSEA BUILDING SOCIETY celebrated reaching several landmarks in 2017. It made its highest ever pre-tax profit, highest level of total assets and reached a new high in its mortgage balances in 2017 – an achievement it attributed to its face-to-face business model and expanding network of branches.

The Society made a pre-tax profit of £2.86 million in 2017, an increase of 11.7 percent compared with the same period the year before when it posted a profit of £2.56 million. The performance was based on total net income of £6.4 million, a 12.9 percent increase on 2016. Its profit after tax was £2.3 million, also an increase of 11.7 percent.

The Building Society’s total assets were £275.4 million in 2017, − the highest level of total assets ever recorded by the Society − showing an increase of £6.8 million or 2.5 percent on its total assets of £268.6 million a year earlier.

Its gross mortgage lending increased to £46 million in 2017 from £44 million in 2016 and mortgage balances increased to £201.3 million, an increase of 8.8 percent from £185 million in 2016, which are both two new records for the Society.

Swansea Building Society has expanded its network in recent years. It now has branches in Swansea, Mumbles and Carmarthen, the latter opening in late 2015. Late last year it also launched a fourth branch in Cowbridge.

Alun Williams, Chief Executive of Swansea Building Society, said he felt the strong performance was testament to its business model and the fact that other banks and building societies are abandoning a personal service and their customers in rural areas and small towns. This provides Swansea Building Society with the opportunity to continue to gradually expand its services to benefit new and existing members.

Williams said: “2017 produced a number of record breaking figures for the Society and we head into 2018 with confidence. The success is testament to our business model, which is based on providing an individual service to our customers and understanding the needs of the communities we serve.

“The Society has opened its fourth branch, complementing our Head Office branch in Swansea which was established in 1923, our Mumbles branch which opened in 2010 and our Carmarthen branch which opened in 2015. The new branch in Cowbridge will become the regional hub for the Society in South East Wales and we look forward to it making a very positive contribution to the Society in 2018.

“In 2017 we achieved gross mortgage lending of £46.0 million, which set a new record for the Society. In the second half of 2017 we appointed two further mortgage managers, which should improve our gross mortgage lending in 2018.

“We continue to provide our borrowers with a flexible face-to-face service at a time when most banks and building societies do not have full time branch-based qualified mortgage advisors who know and understand the local community that they are serving. We intend to continue to build on this area of our business model in 2018.”

Swansea Building Society’s balance sheet is 100 percent funded by retail and business savings and retained profits, meaning it has no reliance on the wholesale money markets to fund either asset growth or mortgage lending.

The Building Society will hold its Annual General Meeting (AGM) at Swansea’s Liberty Stadium on Thursday, April 26.

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The Range’s Swansea Store Shortlisted for ‘Best Christmas Display’

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Christmas has arrived early for The Range stores in Wales, boasting gigantic displays of all-things festive! The Range is well known for going all out during the Christmas season to create a fun and magical experience full of trees, lights, decorations and much more for their customers to enjoy and this year is no exception. The Range in Swansea surpassed expectations with a display so great, it’s left them shortlisted for ‘Best Christmas Display’ out of all The Range’s 182 stores.

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Local coronavirus restrictions imposed to control outbreaks in South Wales

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Coronavirus laws are being tightened in four more Welsh authorities – Blaenau Gwent, Bridgend, Merthyr Tydfil and Newport – following a sharp rise in cases, Health Minister Vaughan Gething today announced.

The new measures will come into force at 6pm on Tuesday 22 September 2020, to protect people’s health and control the spread of the virus in the four local authority areas.

The new restrictions will apply to everyone living in Blaenau Gwent, Bridgend, Merthyr Tydfil and Newport:

People will not be allowed to enter or leave these areas without a reasonable excuse, such as travel for work or education;
People will only be able to meet people they don’t live with outdoors for the time being. They will not be able to form, or be in, extended households;
All licensed premises will have to close at 11pm;
Everyone over 11 will be required to wear face coverings in indoor public areas – as is the case across Wales.
From 6pm on Tuesday 22 September, the requirement for all licensed premises to close at 11pm will also be extended to Caerphilly borough.

Health Minister, Vaughan Gething, said:

“Following the decision to place additional coronavirus restrictions in place in Caerphilly and Rhondda Cynon Taf, we have seen a worrying and rapid rise in cases in four other south Wales council areas – Blaenau Gwent, Bridgend, Merthyr Tydfil and Newport.

“In many cases, this is linked to people socialising indoors without social distancing. We are seeing evidence of coronavirus spreading. We need to take action to control and, ultimately, reduce its spread and protect people’s health.

“It’s always a difficult decision to introduce restrictions but coronavirus has not gone away – it is still circulating in communities across Wales and, as we are seeing in parts of South Wales, small clusters can quickly cause real issues in local communities.

“We need everyone’s help to bring coronavirus under control. We need everyone to pull together and to follow the measures which are there to protect you and your loved ones.”

The restrictions are being introduced following a rapid increase in the number of confirmed cases in coronavirus, which have been linked to people meeting indoors, not following social distancing guidelines and returning from summer holidays overseas.

The Welsh Government will call an urgent meeting of all local authority, health board and police forces from Bridgend to the English border tomorrow to discuss the wider situation in South Wales and whether further measures are needed across the region to protect people’s health.

The new local restrictions measures will be kept under regular review. They will be enforced by local authorities and by the police.

Keep Wales safe by:

Always keeping your distance
Washing your hands regularly
Working from home wherever you can
Following any local restrictions
Following the rules about meeting people
Staying at home if you or anyone in your extended household has symptoms.

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Welsh legislation will restrict those travelling from hotspot areas

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MARK Drakeford, First Minister of Wales, has today announced legislation which will restrict those coming from coronavirus hotspot’s from travelling to Wales.

The Prime Minister, Boris Johnson has refused to impose rules which prohibit those from areas where the infection rate is high from entering low virus rate areas’s.

Mr Drakeford has made two requests to the Prime Minister requesting to impose rules which will mean those from high virus areas in England be prohibited from travelling to Wales, a request which has been denied by Mr Johnson.

The powers set by Mr Drakeford will come into force by the end of the week, unless Boris Johnson takes action sooner.

Speaking at the Plenary today, Mr Drakeford made the announcement, stating if Mr Johnson does not reply to his request by Friday then The Welsh Government will bring in legislation to restrict travel from those in English lockdown areas travelling to Wales.

Mr Drakeford said this was not a case of all those from England being restricted travel to Wales, just hotspot areas.

He said: “Evidence from public health professionals suggests coronavirus is moving from east to west across the UK and across Wales. As a general rule, it is concentrating in urban areas and then spreading to more sparsely populated areas as a result of people travelling.

“Much of Wales in now subject to local restriction measures because levels of the virus have risen and people living in those areas are not able to travel beyond their county boundary without a reasonable excuse. This is designed to prevent the spread of infection within Wales and to other areas of the UK.

“We are preparing to take this action to prevent people who live in areas where there are higher Covid infection rates across the UK from travelling to Wales and bringing the virus with them.

“I am determined to keep Wales safe.”

The legislation, which is understood to come into force Friday, October 16 at 6pm, will mean those travelling to Wales from areas of England which are classed as virus hotspot’s will be restricted.

The new legislation also restricts those travelling into Wales from high virus prevalence areas from Northern Ireland and Scotland.

The Leader of the Opposition in the Welsh Parliament – Paul Davies MS – has rounded on the First Minister over a ban on people entering Wales from England, and the Labour Party’s inability or unwillingness to publish comprehensive data proving that transmission rates are accelerating due to travel.

Mr Davies took the First Minister to task during Plenary today (October 14), and referred to a statement made by the leader of the Labour Party on September 23 when he said that the Welsh Government was not seeing any spikes at all in infection due to travel and tourism.

Mr Davies said that the people of Wales deserve to have sight of the data that underpins the Welsh Labour-led Government’s position on this matter, so that they can be confident that the Government’s actions are proportionate to the threat of the virus in their area.

Mr Davies also referred to a paper that accompanied the First Minister’s letter to the Prime Minister yesterday, a paper – that was not peer-reviewed – that confirms the data “…does not constitute definitive proof” in favour of a travel ban.

Mr Davies said: “The First Minister and his Government have acted rashly and without examining a range of other factors before a conclusion on whether to impose a travel ban or not is reached, while at the same time seemingly ignoring the fact that transmission rates in relation to travel had already peaked in August and September.

“It is incumbent on the First Minister to explain just why he has chosen to act in this way, and what supporting evidence he and his Ministers have seen to justify a ban and then publish it so it can be properly scrutinised.

“If he cannot or will not, then he must review and rescind this ban immediately.”

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