Tag: Scottish Building Society

Scottish Building Society posts its best results in its 174-year history

World’s oldest remaining building society sees major growth in savings and mortgages

Scottish Building Society, the world’s oldest remaining building society, has posted record results for the financial year ended 31 January 2022.

Established in 1848, the mutual has seen its balance sheet grow by nearly 40% in the last 2 years, leading to a pre-tax profit of £2.4m and mortgage assets of £454m.

The Society, which only offers savings and mortgage accounts, ascribed the growth to customers seeking both value and purpose when joining SBS.

The Society’s Chief Executive, Paul Denton said: “We are as committed to our wider purpose today, as we were back in 1848.  As a mutual society, we reward our members with fair interest rates whilst responsibly using those funds to provide flexible mortgages, enabling Scottish people to buy homes and get on the property ladder.

“The environment has changed over the years, but that simple strategy has helped the Society survive and thrive towards its 175th anniversary next year.”

As the society is a mutually owned organisation, it has been able to offer its members savings accounts above market average interest rates, helping people get the most out of their money.

Mr. Denton continued: “Despite the historic low base rate, we have continued to pay savings rates above the market average, whilst our income has benefitted by growing our mortgage balances more than 36% in the last two years.

“We are now helping more members buy their homes than ever before, which is something we are incredibly proud of in today’s fierce mortgage market.

“As a mutual, unlike the high street banks, we do not have shareholders, so all profits are reinvested into the business, in areas such as in new digital technologies, improving our member experience and increasing our capital base to support future growth.”

Mr. Denton credits the staff at SBS for their “immense work” during the pandemic as one of the reasons why the society has performed so strongly.

He explained: “It has been without doubt two enormously difficult years from an economic and operational perspective, but our staff have delivered outstanding results despite these major challenges.

“Unlike retail banks who are moving out of towns and cities across the country, we are working harder than ever to provide for our members- be that through online or in-person banking.

“When many of our competitors sought to save money by cutting services, we were looking for ways to help our members, by offering compelling interest rates for savers and have now helped a record number of people own their own home.”

Win a Coaching Session with Scots rugby star Hamish Watson

Entries are now open to junior teams across Scotland to win the chance to be put through their paces by Scotland international Hamish Watson at DAM Health Stadium in 2022.

Scottish Building Society has launched a search for a deserving under-18 rugby team to win a bespoke training session from Edinburgh Rugby star, Scotland international and British & Irish Lion, Hamish Watson.

One lucky under-18 squad will receive a specially tailored training session from Watson at Edinburgh Rugby’s newly constructed DAM Health Stadium early next year, with the competition open to junior rugby teams across Scotland, including school sides, established rugby clubs or local community teams.

Led by Watson, with assistance from the Edinburgh Rugby community team, the winning squad can look forward to a masterclass from the back-row star, with the entirety of the session taking place on DAM Health Stadium’s artificial surface.

To enter, all teams need to do is complete this form  detailing why they should win the session, sharing details on their team, their ambitions for the season ahead and what they’d like to get out of the session.

Entries must be in by Saturday 8th January 2022.

The winning team will be contacted directly to organise the session that will take place at a time/date TBC in early 2022.

The competition celebrates the partnership between Scottish Building Society and Edinburgh Rugby, which is supporting rugby throughout Scotland.

Paul Denton, Chief Executive Officer for Scottish Building Society, said: “We are excited to be able to offer one team the opportunity to train with one of Scotland’s best players and to gain first-hand experience of his legendary carrying and skills at the breakdown.

“As a mutual we are committed to giving back to our local communities so it’s fantastic to be backing grassroots rugby in this way. I already know some of the great work rugby clubs right across the country are doing both on and off the pitch and I’m really looking forward to seeing the entries as they come in.”

(Photo by Ross Parker / SNS Group)

Edinburgh Rugby star, Hamish Watson, added: “I’m really excited to launch this initiative with Scottish Building Society and I can’t wait to welcome a deserving Junior side to DAM Health Stadium in 2022.

“I absolutely loved getting tips and picking up skills from pro players when I was young kid, so it’ll be great to give something back and hopefully the boys or girls take something out of the bespoke session.

“I’d encourage any junior side to enter this competition where they’ll get the opportunity to train like the pros at the brand new home of Edinburgh Rugby.”

Scottish Building Society announced as Building Society of the Year for third year in a row

Scottish Building Society (SBS) has scooped up Building Society of the Year for the third year in a row at the annual Mortgage Introducer Scottish Mortgage Awards, while its CEO Paul Denton was awarded Business Leader of the Year.

The awards ceremony took place at the Balmoral Hotel in Edinburgh on Friday 8th October, celebrating the best of the Scottish property finance market and bringing together some of the most senior operators in the industry.

Scottish Building Society is the oldest remaining building society in the world, offering a range of saving accounts and mortgages for every stage in life.

As a member-based mutual, Scottish Building Society’s focus and purpose is to serve its local communities.

Paul Denton, SBS Chief Executive, said: “The team at Scottish Building Society consistently go above and beyond.  Following the trials brought upon by pandemic, it is good to see the hard work and dedication of our people being recognised through these awards.

“To receive Building Society of the Year for the third year in a row is a testament to their hard work, especially when up against such a high calibre of nominees.

“After 173 years customers remain at the heart of our business, and we strive every day to do better. These awards highlight the Society’s enduring success which is founded upon a robust business model, skilled people and a reputation built on trust, confidence and exceptional customer service.”

Robyn Hall, Publishing Director at Mortgage Introducer, said: “Mortgage Introducer is delighted to announce that at this year’s Scottish Mortgage Awards, Scottish Building Society were awarded Building Society of the Year, and Paul Denton was named Business Leader of the Year. Congratulations from everyone at Mortgage Introducer on your well-deserved wins.”

Paul Denton brings a wealth of experience spanning over 30 years, having worked with RBS and the Co-op before joining SBS.

Scottish Building Society announced as Edinburgh Rugby’s Main Club Partner

Four-year deal biggest for both organisations

Scottish Building Society, the world’s oldest building society, has today been announced as Edinburgh Rugby’s Main Club Partner in a deal that will last for the next four seasons.

The partnership is the biggest agreement of its kind in the history of both organisations and follows a successful back of shirt deal which has been in place since 2020.

The partnership will see Scottish Building Society feature on the front of the capital side’s home and away match jerseys, and training shirts, as well as having prominent branding within Edinburgh Rugby’s brand-new purpose-built stadium, located in the grounds of BT Murrayfield.

As part of the agreement, Scottish Building Society will also be increasing its work in local communities with involvement in Edinburgh Rugby’s community programmes, including disability inclusive rugby and homeless rugby programmes.

The partnership will also see the two organisations working together to develop a family zone to enhance the match-day experience at the new 7,800 capacity stadium.

This substantial investment in Edinburgh Rugby continues Scottish Building Society’s ongoing commitment to Scottish sport which has included sponsorship of the Scottish Women’s Premier League as well as support for both Heriot’s Rugby and the Southern Knights.

Paul Denton, Chief Executive Officer for Scottish Building Society, said: “Scottish Building Society is the world’s oldest building society so we wanted to work alongside a partner with a proud heritage that shared our values.

“As a mutual building society, Edinburgh Rugby’s core principles of honesty, discipline and togetherness were the perfect fit.

“The club’s focus on supporting and integrating with its local community was central in our decision to support them and dovetails perfectly with our own approach of giving back and we are excited to start supporting Edinburgh Rugby’s fantastic initiatives in order to further enhance the impact.

“With Edinburgh Rugby set to move into its new home and celebrate its 150th year during the course of this sponsorship, it is certainly going to be a really exciting time and we’re incredibly proud that we will be part of that journey.”

Douglas Struth, Managing Director at Edinburgh Rugby, said: “We’re thrilled to announce Scottish Building Society as our new Main Club Partner. They are a recognisable brand and leader within their industry, who have a clear and historic association with the city of Edinburgh.

“Having already been part of the club’s sponsor family for a number of seasons, Scottish Building Society have played an integral role in the club’s journey to date – they now back us ahead of what is set to be a momentous, inaugural year in the club’s new home.

“With record-breaking Season Ticket numbers and the hugely exciting United Rugby Championship launching this September, today’s partnership announcement provides us with further momentum heading in to the 2021/22 campaign.

“This is going to be a hugely exciting partnership for all connected to Edinburgh Rugby and it’s an association that we’re immensely proud of too.

“We can’t wait to kick-off the new season in our brand-new home, and represent the Scottish Building Society brand around the world as we compete in both the United Rugby Championship and European Challenge Cup.”