Achi news desk-
The Scottish Building Society noted that its annual results also show the highest annual pre-tax profit it has ever posted, at £4m for the year to January 2024.
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He said: “Recent announcements by major banks closing branches and limiting product ranges [have] creating a shift from customers towards building societies with their simple product range and commitment to physical branches.”
Paul Denton, chief executive of the Scottish Building Society, said: “These historic results are the culmination of almost two centuries of commitment to providing fair and trusted support to our membership.
“As a mutual, we make decisions solely in the interests of our members, not shareholders. At a time when banks are looking to cut costs, we are reinvesting in what our membership tells us is important to them.”
Scottish Building Society has six contact centres, in Glasgow, Edinburgh, Aberdeen, Inverness, Galashiels, and Troon, and employs 98 staff.
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Its mortgage assets rose 8% to £535.5m in the year to January.
The Scottish Building Society said: “This sustainable growth has been the result of an overall increase with mortgage assets, savings balances and membership all increasing.”
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Mr Denton said: “We are well aware that the economic conditions remain uncertain, which is why we are doubling down on our values ​​and laser focused on continuing to deliver for our members and the communities we serve. ”
He added: “Over the past year, we have opened a new relationship center in Edinburgh, committed to making passbook accounts available to anyone who wishes to use them and [continued] our human-first approach to personal finance.
“These values ​​have guided our society since its inception.”
