Savings balances grew 17% in the last 12 months to a record £490 million at Scottish Building Society, the world’s oldest remaining mutual.

The organisation’s annual results also show the highest pre-tax profit the building society has ever posted of £4 million.

Scottish Building Society has offices in Glasgow, Edinburgh, Aberdeen, Inverness, Galshiels and Troon and almost 100 staff. It reported an 8% rise in mortgage assets to £535.5 million and total assets of £740.7 million, up 15%.

“The growth in savings balances mirrors a growing trend in the market with consumers looking closer at who they trust to manage their finances,” said Scottish Building Society.

“The recent announcements by large banks closing branches and limiting product ranges, has created a movement of customers towards building societies with their simple product ranges and commitment to physical branches.

“This sustainable growth has been the result of increases across the board with mortgage assets, savings balances and membership all increasing.”

Scottish Building Society CEO 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.

“These values have led our society since its inception and at a time when customers are reviewing who they trust with their finances, it is very encouraging to see more people come to us to support them in their own journey.”

The mutual celebrated its 175th anniversary last year with the creation of the Scottish Building Society Foundation, which will distribute £175,000 to good causes across Scotland to mark the occasion.

Denton added: “The creation of the Foundation has formalised our commitment to giving back to communities and in just over twelve months we have already supported good causes with over £60,000 — from Wick to Galashiels.

“We are acutely aware that the economic conditions remain uncertain which is why we are doubling down on our values and are laser-focused on continuing to deliver for our members and the communities we serve.”