Scottish Building Society, which describes itself as the world’s oldest remaining mutual, has posted its highest savings balances total in its 175-year history and highlighted how it has benefited from cost-cutting by large banks.
It said yesterday that its savings balances had increased by more than 17% in its latest financial year to £490.9 million.
Scottish Building Society noted its annual results also show the highest annual pre-tax profit it has ever posted, of £4m for the year to January 2024.
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It said: “The recent announcements by large banks closing branches and limiting product ranges [have] created a movement of customers towards building societies with their simple product ranges and commitment to physical branches.”
Paul Denton, chief executive officer of Scottish Building Society, said: “These historic results are the accumulation of a near-two-century commitment to providing fair and trusted support to our membership.
“As a mutual, we make decisions exclusively for the benefit of our members, not shareholders. At a time when banks are looking to cut costs, we are reinvesting in what our membership tell us are important to them.”
Scottish Building Society has six relationship centres, in Glasgow, Edinburgh, Aberdeen, Inverness, Galashiels, and Troon, and employs 98 staff.
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Its mortgage assets rose by 8% to £535.5m during the year to January.
Scottish Building Society said: “This sustainable growth has been the result of increases across the board with mortgage assets, savings balances and membership all increasing.”
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Mr Denton said: “We are acutely aware that the economic conditions remain uncertain, which is why we are doubling down on our values and are laser-focused on continuing to deliver for our members and the communities we serve.”
He added: "Over the last year, we have opened a new relationship centre in Edinburgh, committed to ensuring passbook accounts are available to anyone who wishes to use them and [continued] our human-first approach to personal finance.
“These values have led our society since its inception."
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