Wales’ largest building society, which was established in 1860, has reported “solid” results in its latest year, with profits rising and its mortgage book growing.
Cardiff-headquartered Principality Building Society said statutory pre-tax profits had grown to £60m for the year ending 31 December 2025, up from £49.2m in 2024. Underlying profit before tax was £60.5m, up from £40.3m 12 months earlier.
The mutual’s mortgage book grew by £600m, taking its residential lending to £11.1bn from £10.5bn the previous year. Savings balances grew by £800m to £11.6bn from £10.8bn the prior period.
The company also recorded a record number of first-time buyers as it increased its total to 8,277 from 8,120.
Iain Mansfield, chief executive of Principality Building Society, said: “2025 has been a year of progress for the Society.
“A year where we moved the organisation forward in meaningful ways, while delivering real value for our savers and our borrowers – helping people to save and to buy their own homes.”
Looking ahead, he added: “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.”