Scottish Building Society said it has posted record results for the financial year ended January 31, 2022.
The mutual has seen its balance sheet grow by nearly 40% in the last two years, leading to a pre-tax profit of £2.4 million and mortgage assets of £454 million.
The Society offers only savings and mortgage accounts.
The Society’s CEO Paul Denton said: “We are as committed to our wider purpose today, as we were back in 1848.
“As a mutual society, we reward our members with fair interest rates whilst responsibly using those funds to provide flexible mortgages, enabling Scottish people to buy homes and get on the property ladder.
“The environment has changed over the years, but that simple strategy has helped the Society survive and thrive towards its 175th anniversary next year …
“Despite the historic low base rate, we have continued to pay savings rates above the market average, whilst our income has benefitted by growing our mortgage balances more than 36% in the last two years.
“We are now helping more members buy their homes than ever before, which is something we are incredibly proud of in today’s fierce mortgage market.
“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.”