Scottish Building Society contrasted its investment in its high street presence with the approach of some other financial services providers as it announced a rise in annual pre-tax profits from £2.4m to £3.3 million yesterday.
The mutual, which has six branches and employs about 80 staff, said that its savings balances grew by £26.5 million to £418.2m during the year to January.
It said it had “steadily grown” its customer base, with the cost-of-living crisis “motivating people to make their money work harder for them”.
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Scottish Building Society’s mortgage book grew by £42m to £496m during the 12-month period.
The mutual, which also flagged growth in its membership, is currently celebrating its 175th anniversary year.
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Its branches are in Glasgow, Edinburgh, Aberdeen, Troon, Inverness, and Galashiels.
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Scottish Building Society said: “In stark contrast to other financial service providers, Scottish Building Society has invested in its high street presence, with significant investments made to refurbish its Troon, Inverness and Galashiels relationship centres over the last 12 months.”
It noted it was also relocating its Edinburgh relationship centre to a “prime city-centre location” on Frederick Street, scheduled to open in June.
Chief executive Paul Denton highlighted his view that the society’s “history of being a people-first organisation” and provision of a flexible offering were reasons why people were moving to the mutual.
He said: “There can be no denying the very difficult economic climate we face. However, these results show that our values and our offering is continuing to appeal to customers.
“Our focus on providing uncomplicated saving and mortgage products in a friendly manner has built a trust with customers, many of whom have been with Scottish Building Society for decades. Profits are retained in the business to support future growth and to enable the society to remain modern, efficient and sustainable for the next 175 years.”
As part of its 175th anniversary, Scottish Building Society is launching a charitable foundation that will provide an initial £175,000 of funding for community services and organisations.
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