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West Brom Building Society hosts AGM at Black Country Living Museum

Members of West Brom Building Society met on 23 July 2025 for the Society’s 176th Annual General Meeting, held at the Black Country Living Museum in Dudley.

By contributor Becky Hume
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This year’s AGM followed another strong year for the mutual, with a record £1.3bn in new lending for homeownership, up 19% on the previous year, with continued investment in customer services, our branch network and digital transformation.

Members heard updates with key highlights from the 12 months to 31 March last year and approved the Society’s Annual Report and Accounts. The board of directors were re-elected with the appointment of one new director. Members also re-appointed the Society’s external auditors, PricewaterhouseCoopers LLP.

Chair of West Brom Building Society, John Maltby, said: “We’re grateful for the continued support and trust of our members. We’re proud that after 176 years we are still building and delivering on our mutual purpose. This year, we helped more than 6,200 first-time buyers, a 34% increase, and returned £41.8m in additional interest to savers by offering rates significantly above the market average.”

“We also thank the directors who have stepped down for their exceptional service and welcome new voices to the Board as we look to the future.”

West Brom Building Society AGM at the Black Country Living Museum.
West Brom Building Society AGM at the Black Country Living Museum. Photo: Richard Battye

Jonathan Westhoff, Chief Executive of West Brom Building Society added: “Our purpose has never been more relevant. At a time when affordability remains a key challenge, we’re proud to have supported so many people taking their first step into homeownership, while also delivering value to our savers.

“We’ve continued to invest in our digital capabilities and branch network, so members can choose how they interact with us, while maintaining a strong capital position with a Common Equity Tier 1 (CET 1) capital ratio of 17.1%.”

Highlights from the year 2024/25 included:

  • £36.5m profit before tax, up 14% year-on-year

  • 6,267 first-time buyers helped into homeownership

  • £41.8m in interest above the market average paid to savers

  • Net Promoter Score of +76, reflecting continued high levels of customer satisfaction

  • Over 1,800 hours volunteered by colleagues for community causes

  • Triple accreditation from the Living Wage Foundation for fair pay, secure hours, and pensions, the first building society in the UK to achieve this milestone.