Scottish Building Society reports record year
- Published
The Scottish Building Society has recorded its best annual results since being founded 174 years ago.
The mutual, which says it is the world's oldest remaining building society, reported a pre-tax profit of £2.4m and mortgage assets of £454m for the year to the end of January.
Established in 1848, the society has seen its balance sheet grow by nearly 40% in the last two years.
It attributed that to consumers "seeking both value and purpose".
The mutual, which has branches in Aberdeen, Troon, Galashiels, Edinburgh, Glasgow and Inverness, only offers savings and mortgage accounts.
Chief executive Paul Denton said: "As a mutual, unlike the high street banks, we do not have shareholders, so all profits are reinvested into the business, in areas such as in new digital technologies, improving our member experience and increasing our capital base to support future growth."