The Society’s mortgage assets have increased by £42m to £496m, while its savings balances grew to £418m. Contrary to other financial service providers, the mutual has invested in its high street presence, refurbishing several relationship centres.

It is also re-locating its Edinburgh relationship centre to a prime city-centre location on Frederick Street, which is scheduled to open in June.

Paul Denton, CEO at Scottish Building Society, credits the Society’s history of being a people-first organisation, and providing a flexible offering, as the reason people are moving to the mutual.

He said: “There can be no denying the very difficult economic climate we face; However, these results show that our values and our offering is continuing to appeal to customers.

“Our focus on providing uncomplicated saving and mortgage products in a friendly manner has built a trust with customers, many of whom have been with Scottish Building Society for decades. Profits are retained in the business to support future growth and to enable the Society to remain modern, efficient and sustainable for the next 175 years.”

As part of the organisation’s 175th year anniversary, Scottish Building Society is set to launch a charitable foundation that will provide an initial £175,000 of funding into invaluable community services and organisations.

Delivered in partnership with Foundation Scotland, the Scottish Building Society Foundation will benefit an array of Scottish organisations for years to come as it prioritises making a positive lasting impact in the communities in which it serves while supporting the critical work charities undertake in those communities.

Mr Denton continued: “Launching the Scottish Building Society Foundation comes at a very important milestone for us as we mark our 175th anniversary. It will enable us to build longer term relationships with various community groups and mirrors our values as a people-first business.

“We are looking forward to officially launching the Foundation in May and seek to establish a best-in-class benchmark supporting community-based organisations across Scotland.”