It also reports its gross mortgage lending increasing from £252m in 2020 to £374m in 2021.

Net mortgage growth over the same period going from £92m to £110m means that total mortgage assets grew by 11%, from £1.03bn to £1.14bn the annual report details.

Chief executive William Carroll puts this down to “the society’s decision to remain committed to its strategy and promote a range of mortgage products, supporting members with lower deposits and those keen to grow their investment portfolios,” during what was an extremely challenging year.

In building society also reports it having used £75,000 of the government job retention scheme, which it has paid back in full.

Monmouthshire Building Society chair Debra Lewis says: “The positive results achieved highlight our member-led approach and demonstrate our core values that run through the heart of our organisation.

“It’s been an unprecedented year in which the society has been able to maintain a focus on delivery of wider strategic initiatives, demonstrating resilience and agility to adapt and reprioritise its plans in response to the continually changing environment.”