24-04-2025
- Business
- The Herald Scotland
Historic Scottish mortgage provider doubles in size
The company said total assets have more than doubled since 2020, now at £866.5 million, which it said is 'the strongest organic growth of any building society in the UK'.
The firm said the growth trajectory mirrors the time Paul Denton, chief executive, joined the organisation with a new leadership team in 2019.
The firm said: 'Having cultivated a positive, inclusive, and engaging workplace environment, the building society continues to invest in its people to deliver consistently high levels of customer service to its members.
'In 2024, the mortgage market remained subdued due to high interest rates and ongoing affordability challenges. Despite this, Scottish Building Society's mortgage portfolio grew by seven per cent.'
Savings members benefited from an additional £7.6m in interest - 1.45 per cent above the market average – which it said highlighted 'the value of mutual ownership'.
Mr Denton said: 'From the moment I joined this historic organisation, I could sense something special. For over 175 years, our commitment to the communities we serve has never wavered - if anything, it feels more vital today than ever.
'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.'
It posted pre-tax profits of £2.8m, mortgage balances at £577.2m, and retail savings balances of £588.3m.
Researchers produce life-saving new test for developing countries
A Scottish university has helped produce a new blood test that can help identify infectious diseases and save lives across the developing world.
Abertay University has teamed up with Bangor University in Wales and they have produced the prototype flow through assay test that can detect up to five infections, and the results are able to be analysed and communicated via a specialist smartphone app.
The group used tuberculosis as a pilot case with researches using serum samples provided by the World Health Organisation (WHO) from countries where the disease is common.
The process has the potential to speed up diagnostics that would have previously taken weeks and is also far more affordable than the current testing model, which requires analysis in a lab.
New Moray wind farm will get UK 'off the fossil fuel rollercoaster'
A Scottish wind farm hoped to power up to 1.3 million homes will help the UK in 'getting off the fossil fuel rollercoaster', Energy Secretary Ed Miliband has said ahead of it being switched on.
The Moray West development – built by Ocean Winds – employed 1,500 people during its construction and is hoped to reach an output of 882 megawatts at full capacity.
The development also included building the largest turbines in British waters, with some of the 60 structures rising up to 257 metres above sea level.
Mr Miliband said the wind farm will contribute to the UK 'getting off the fossil fuel rollercoaster' in the coming years as the UK Government aims to increase offshore wind outputs to between 43 and 50 gigawatts.
