Stafford Railway Building Society has reported record results.

The 13-year old mutual has seen a 10% rise in total assets from £159.2 million in 2008 to £175 million in 2009. It has also recorded its highest net lending and highest annual net receipts.

The Stafford lent £30 million to borrowers, with total advances secured on mortgages increased during the year to £132 million.

Liquidity increased to £41.9 million in 2009 from £37.1 million in the previous year.

Mike Heenan, the Stafford’s chief executive, said: “We are committed to following prudent lending policies