The Welsh mutual’s home loans balances lifted 14% to £410.9m in the 12 months to 31 December compared to a year ago, driven by gross mortgage completions of £112.3m, the second highest in its history after 2021. 

Total assets rose by 14% to £529.8m, while savings balances also rose by 14% to £492.9m, in a year that saw the Bank of England raise interest rates nine times in the period. 

The society, which celebrates its centenary this year, says the results “demonstrated its resilience despite operating in a challenging economic environment” that saw living costs and other bills rise for households. 

Swansea Building Society chief executive officer Alun Williams says: “2022 was another difficult year for the UK economy due to the severe headwinds we have faced. 

“As we look to our 100th year and beyond, the society is well placed to navigate through difficult trading conditions caused by the current economic uncertainty.  

“We will continue to support members through whichever channel is best for them, whether that is in-branch, telephone or online.”