Denton doubles size of Scottish Building Society – Daily Business

Scottish Building Society is now double the size it was just five years ago, the strongest organic growth in the sector anywhere in the UK.

Total assets have more than doubled since 2020, now at £866.5m, under CEO Paul Denton who joined the organisation with a new leadership team in 2019.

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 7%.

Higher interest rates supported savings growth. Combined with the Society’s strong member proposition, retail savings balances rose by 20% – well above the market average of 5%.

Savings members benefited from an additional £7.6m in interest – 1.45% above the market average.

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.”