The Teachers Building Society has published its annual results for 2012.

New lending was up 95% on 2011 to £38 million, while lending to first-time buyers increased by 115%.

The mutual reported a pre-tax profit of £387,000.

James Bawa, chief executive of Teachers Building Society, said: “We have made a good start on our plans for strong growth over the next 10 years and we’re particularly pleased that our mortgage lending almost doubled when the wider market remains challenging.

“Our savers have been central to this success and while savers generally have been affected by low interest rates over the last few years we have used some of our profits to provide higher returns to our customers.

“Lending to first time buyers represented 30% of our loan book for 2012 and it’s an area we really want to keep the focus on. Our return to the broker market two years ago has proven to be a positive move as just over half of our mortgage business came from this source last year.”