The Saffron Building Society has reported record results.

In 2014 the mutual saw a major rise in profits before tax, to £3.8m. Total assets in 2014 were maintained at £1.2 billion.

Last year, the Saffron advanced a record amount of £240 million in mortgages. It was also the first financial institution to bring a regular saver NISA (New ISA) to market, launching just one week after the Government’s announcement regarding ISA changes.

Geoffrey Dunn, chairman of Saffron Building Society, said: “We are very pleased by the strong financial results in 2014. It is important for the Society to make profits as this helps us to improve the financial strength of the society and hold the capital required of us by our regulators.

“We are very conscious of the poor interest rates being paid to savers during this extended period of exceptionally low base rates. We have continued to offer fair savings rates to our members, with five products offering a top ten rate or better. We have punched well above our weight as a small regional Society.

“We shall continue to work with our strengths, concentrating the majority of our lending in our own local region, whilst aiming to attract and retain high quality customer deposits, to maintain the security of our Society.”