Scottish Building Society — the world’s oldest remaining building society — has reported record balances for both retail savings and mortgages in its annual report for the year to January 31, 2025.

“Retail Savings balances grew by 19.8% to £588.3m (2024: £490.9m) driven by strong inflows into our Fixed Rate ISA and Limited Access products,” said the mutual.

Mortgage balances rose 6.9% to £572.2 million. Profit before tax fell to £2.8 million from £4 million.

Total assets increased 17% to £866.5 million. Total assets have more than doubled since 2020 — a growth trajectory that roughly mirrors the time since CEO Paul Denton joined the organisation with a new leadership team in 2019.

Denton said: “Our ethos of offering simple, easy-to-understand products has stood the test of time — especially through today’s economic challenges. While others close branches and shift to digital-only services, we remain focused on choice — offering what truly works for our members.

“You see this in our continued investment in relationship centres, passbook savings, and a personal approach to mortgage underwriting.

“At the same time, we’re enhancing our digital tools to give members secure, convenient access to their savings and their documents online. The steady growth in our membership reflects the real value offered by Building Societies …

“Our organic growth is built on loyalty and trust. In an age of misinformation and risky financial products, the need for straightforward, reliable options has never been greater.

“With the UK government aiming to double the size of the mutual sector, we’re proud to help lead the way. As the world’s oldest remaining building society — and with the 250th anniversary of the first building society on the horizon — we remain committed to putting our members first, always.”