Underlying position remains strong
Scottish Building Society profits fall
The member loyalty initiative, designed to provide long term value, was launched in October 2015.
It s based on a set of six statements designed to clearly articulate how long term value will be delivered to members throughout the period of their relationship with the society.
Chief Executive Mark Thomson (pictured) said: “We are pleased to have delivered another strong financial performance in line with our five-year plan in what continues 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.”
· Total assets of £388.9 million, up from £378.2 million in the previous year
· Reserves up from £30.5 million in 2015 to £31.5 million in 2016
· Pre-tax profit of £1.3 million after investments in member loyalty initiatives, down from £2.2 million in 2015
· Mortgage assets up 1.2% to £286.1 million (£282.7 million in 2015)
· Savings balances increased by 3.1% to £342.1 million (£331.7 million in 2015)
Established in 1848, Scottish Building Society is the world’s oldest building society and Scotland’s only independent building society.