DEVELOPMENT BANK OF WALES PUBLIC LIMITED COMPANY
Owned by the Welsh Government, the public limited company provides debt and equity finance to regional businesses and property developers, while also managing specialist financial products and operating subsidiaries including FW Capital and Angels Invest Wales.
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Cash
—
Latest balance sheet
Net assets
£681m
+79.5% highest in 3 filed years
Employees
286
+1.1% highest in 3 filed years
Profit before tax
£47m
+109.7% highest in 3 filed years
Net assets
3-year trend · vs Financials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2026-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 | Δ vs prior |
|---|---|---|---|---|---|
| Net interest income | — | £26,711,000 | £30,526,000 | +14.3% | |
| Fee & commission income | — | £11,568,000 | £11,729,000 | +1.4% | |
| Operating income | — | — | — | — | |
| Impairment losses | — | £4,592,000 | £7,570,000 | +64.9% | |
| Profit before tax | £40,776,000 | £22,310,000 | £46,777,000 | +109.7% | |
| Net profit | £37,964,000 | £18,992,000 | £45,609,000 | +140.1% | |
| Loans & advances to customers | — | £317,028,000 | £327,405,000 | +3.3% | |
| Customer deposits | — | — | — | — | |
| Total assets | £1,841,526,000 | £1,908,484,000 | £2,006,134,000 | +5.1% | |
| Total liabilities | £1,485,165,000 | £1,526,918,000 | £1,324,916,000 | -13.2% | |
| Equity | £356,361,000 | £379,566,000 | £681,218,000 | +79.5% | |
| Average employees | 281 | 283 | 286 | +1.1% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|
| Operating margin | 138.8% | 9.4% | — | |
| Net margin | 118.1% | 49.0% | — | |
| Return on capital employed | 2.6% | 0.2% | — | |
| Gearing (liabilities / total assets) | 80.6% | 80.1% | 66.0% | |
| Current ratio | 12.44x | 10.38x | — | |
| Interest cover | 15.01x | 0.53x | — |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- DEVELOPMENT BANK OF WALES PUBLIC LIMITED COMPANY 2017-10-06 → present
- FINANCE WALES PUBLIC LIMITED COMPANY 2000-08-18 → 2017-10-06
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- Forvis Mazars LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“As a result of this assessment, the Directors are satisfied that there are no material uncertainties that may cast significant doubt about the Group’s ability to continue as a going concern...”
Group structure
- DEVELOPMENT BANK OF WALES PUBLIC LIMITED COMPANY · parent
- DBW Holdings Limited 100%
- DBW Services Limited 100%
- DBW Managers Limited 100%
- DBW FM Limited 100%
- Management Succession (Wales) Limited Partnership
- Help To Buy (Wales) Limited 100%
- Angels Invest Wales Limited 100%
- Economic Intelligence Wales Limited 100%
- FW Capital Limited 100%
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
10 active · 36 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| HITCHINGS, Elizabeth Anne | Secretary | 2022-12-01 | — | — |
| BRIDGELAND, Sally | Director | 2024-09-25 | Nov 1964 | British |
| EVANS, Iestyn David | Director | 2022-03-01 | Apr 1975 | British |
| JONES, Daniel Rhys | Director | 2020-03-01 | Nov 1983 | British |
| METHUEN-LEY, Kate Ann | Director | 2021-04-06 | Mar 1976 | British |
| OLDHAM, Paul | Director | 2025-07-17 | Feb 1964 | British |
| ROPAR, Annie | Director | 2025-07-01 | Apr 1972 | Canadian |
| STAZIKER, David James | Director | 2018-04-01 | Sep 1969 | British |
| THORLEY, Giles Alexander | Director | 2016-04-04 | Jun 1967 | British |
| WALKER, Dianne Gillian Davies | Director | 2022-03-01 | Mar 1965 | Welsh |
Show 36 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| DAVIES, Michael James | Secretary | 2005-06-24 | 2010-11-17 |
| INGHAM, Norman Leonard | Secretary | 2002-10-07 | 2005-06-24 |
| OATES, Judi May | Secretary | 2008-09-30 | 2022-12-01 |
| THOMAS, Roy John | Secretary | 2000-08-18 | 2002-10-04 |
| AKTERUZZAMAN, Mohammed | Director | 2001-01-16 | 2004-03-31 |
| ALLEN, John, Sir | Director | 2000-08-18 | 2001-01-16 |
| AMIRI, Iraj | Director | 2016-09-01 | 2025-08-31 |
| BALSOM, Susan Carol | Director | 2001-01-16 | 2002-01-31 |
| BELL, Carol, Dr | Director | 2014-10-01 | 2023-09-30 |
| BELLIS, Karen Margaret Rich | Director | 2001-01-16 | 2004-03-31 |
| BULLOCK, Gareth Richard | Director | 2015-09-23 | 2024-09-25 |
| CLAYTON, Jane Elizabeth | Director | 2006-06-01 | 2011-05-31 |
| DRURY, Sheila | Director | 2003-04-01 | 2003-09-10 |
| GREY, Ivar Andreas Robert John | Director | 2006-06-01 | 2016-09-30 |
| HOWES, Brian John | Director | 2001-01-16 | 2007-12-31 |
| JENKINS, Timothy Joseph | Director | 2004-04-01 | 2006-03-31 |
| JEYNES, Roger David | Director | 2016-11-01 | 2025-10-31 |
| JOHN, Ian | Director | 2006-06-01 | 2016-11-30 |
| JOHNSON, Ian Roy | Director | 2008-03-15 | 2015-09-30 |
| JONES, Graham Michael Thelwall | Director | 2001-01-16 | 2011-05-31 |
| JONES, Sian Lloyd | Director | 2005-02-03 | 2015-09-30 |
| JONES, Trefor Glyn | Director | 2000-08-18 | 2005-03-31 |
| JONES-EVANS, Dylan, Professor | Director | 2001-01-16 | 2006-06-30 |
| KILLICK, Michael David | Director | 2006-06-01 | 2013-05-31 |
| LAMB, Robert Alun | Director | 2021-04-06 | 2025-09-09 |
| LLEWELLYN, Margaret Jennifer | Director | 2012-09-01 | 2021-08-31 |
| MORGAN, Robert Huw | Director | 2013-11-18 | 2022-11-17 |
| O'LEARY, Kevin Patrick | Director | 2010-11-17 | 2018-03-31 |
| OWEN, Michael | Director | 2015-10-01 | 2016-04-04 |
| RADCLIFFE, Peter Greig | Director | 2006-06-01 | 2011-05-31 |
| ROWLANDS, Christopher Paul | Director | 2010-04-01 | 2014-09-30 |
| THOMAS, Meirion | Director | 2001-01-16 | 2005-03-31 |
| WILLIAMS, David Brynle | Director | 2002-02-01 | 2004-12-31 |
| WILLOTT, William Brian, Dr | Director | 2000-08-18 | 2001-01-16 |
| WOODALL, Frederick Peter | Director | 2004-04-01 | 2008-02-26 |
| WRIGHT, Peter | Director | 2001-01-16 | 2004-12-01 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Welsh Ministers | Corporate entity | Shares 75–100% | 2016-04-06 | Active |
Filing timeline
Last 20 of 153 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-05-13 MA Memorandum articles
- 2025-05-13 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-29 | AA | accounts | Accounts with accounts type group | |
| 2026-08-24 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-11-03 | TM01 | officers | Termination director company with name termination date | |
| 2025-09-26 | AA | accounts | Accounts with accounts type group | |
| 2025-09-11 | TM01 | officers | Termination director company with name termination date | |
| 2025-09-01 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-18 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-07-30 | RP04AP01 | officers | Second filing of director appointment with name | |
| 2025-07-17 | AP01 | officers | Appoint person director company with name date | |
| 2025-07-09 | AP01 | officers | Appoint person director company with name date | |
| 2025-05-13 | MA | incorporation | Memorandum articles | |
| 2025-05-13 | RESOLUTIONS | resolution | Resolution | |
| 2024-10-01 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-01 | AP01 | officers | Appoint person director company with name date | |
| 2024-09-25 | AA | accounts | Accounts with accounts type group | |
| 2024-08-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-10-13 | AA | accounts | Accounts with accounts type group | |
| 2023-10-03 | TM01 | officers | Termination director company with name termination date | |
| 2023-08-30 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-04-04 | AA | accounts | Accounts with accounts type group |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 3
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.