Scottish Building Society balances at £342m

Scottish Building Society chief executive Mark Thomson

Scottish Building Society announced financial results for the year ended January 31, 2016, showing its savings balances increased 3.1% to £342.1 million and that total assets have reached £388.9 million, up from £378.2 million in the previous year.

Mortgage assets rose 1.2% to £286.1 million.

Profit before tax fell from £2.2 million to £1.3 million “after investment in member loyalty initiatives, designed to provide long term value to society members.”

Chief executive Mark Thomson said: “We are pleased to have delivered another strong financial performance in line with our five-year plan in what continue to be challenging market conditions.

“These results underline that it is possible for the society to retain its financial strength whilst providing our members with long term value.

“By operating a traditional business model where both our savers and our mortgage borrowers can consistently benefit from the best rates we are able to offer, we believe we are as relevant today as when we were founded 168 years ago.”

Established in 1848, Scottish Building Society is the world’s oldest building society and Scotland’s only independent building society.

It employs 71 people and has 6 branches and 62 agency offices throughout Scotland.

Its reserves rose from £30.5 million in 2015 to £31.5 million in 2016.

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.