Its pre-tax profit fell from £2.2m in 2015 to £1.3m in 2015 which it attributed to investment in member loyalty initiatives.
Scottish Building Society’s profit fell by 41% in 2016 despite upping its mortgage lending.
Its pre-tax profit fell from £2.2m in 2015 to £1.3m in 2015 which it attributed to investment in member loyalty initiatives.
At the same time the society increased its mortgage assets by 1.2% to £286.1m and its mortgage lending by £51.3m.
Mark Thomson (pictured), chief executive, said: "We are pleased to have delivered another strong financial performance in line with our five-year plan in what continues to be challenging market conditions. These results underline that it is possible for the society to retain its financial strength whilst providing our members with long term value."
"By operating a traditional business model where both our savers and our mortgage borrowers can consistently benefit from the best rates we are able to offer, we believe we are as relevant today as when we were founded 168 years ago."
The Edinburgh-based society increased its total assets to £388.9m and reserves to £31.5m in 2015, up from £378.2m and £30.5m last year.
Scottish Building Society is the oldest building society in the world.
