Scotland business

The Scottish Building Society continues to thrive

The Scottish Building Society
Image caption The Scottish Building Society has concentrated on saving and mortgage products

The Scottish Building Society has reported another successful year, making profits of more than £800,000.

The society, which considers itself the world's oldest mutual, said competition for savers had been tough and the housing market subdued.

The group said it increased assets by 2% while cutting management expenses.

Chief executive of the society, Gerry Kay, said concentrating on saving and mortgage products had served the business well.

He added: "This has allowed us to weather the turmoil that has engulfed the financial world and end the year in a very strong financial position."

The Scottish Building Society started life as the Edinburgh Property Investment Company in 1848.

It now has six branches and operates out of a further 80 agency offices throughout Scotland.

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