Record savings balance for Scottish Building Society

Scottish Building Society has posted the highest ever savings balance in its 175-year history.

Savings balances have grown by more than 17% in the last 12 months, to £490.9m.

The world’s oldest remaining mutual's annual results also show the highest pre-tax profit it has ever posted, at £4m.

Elsewhere, mortgage assets were up 8% to £535.5m, helping push total assets up 15% to £740.7m.

A statement suggested that recent announcements by banks closing branches and limiting product ranges has created a movement of customers towards building societies, with simpler product ranges and commitment to physical locations.

Scottish Building Society has six relationship centres, in Glasgow, Edinburgh, Aberdeen, Inverness, Galshiels and Troon, with a total of 98 staff.

Chief executive Paul Denton 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.

“This is why 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 continuing our human-first approach to personal finance.”

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