THE CUMBERLAND Building Society have enjoyed record profits over the past year.

Cumberland Building Society have announced record profits of £12.62million for the year ended March 31, 2016.

Mortgage balances have grown by over £200million and savings and current account balances increased by 6 per cent, with an inflow of funds of almost £75 million.

The Society have now established itself as one of the top ten building societies in the UK with assets exceeding £2billion.

The strong growth in mortgage balances is linked to the fact that for the second consecutive year, the Society was named ‘Best Regional Building Society’ at the Mortgage Finance Gazette Awards, for offering the most consistently competitive mortgage rates.

In addition, its commercial lending operation, which includes specialist mortgage lending on holiday lets and buy to lets, also had a very successful year.

A number of significant projects and developments to the Group’s services and systems have taken place during the year, including enhancements to the service provided by Cumberland Estate Agents; the introduction of a new mobile bank app, which incorporates additional functionality and offers greater convenience; the development of various online services, including a mortgage affordability calculator and an online current account application system; and the launch of a market-leading Help to Buy ISA product, helping local first time buyers save for their first home.

Chairman, Michael Pratt said: "The consistency of our profitability and the growth in our business over the last ten years have been considerable achievements, thanks to our successful long term strategy, shrewd management of our balance sheet and interest margins, prudent lending and careful risk management, together with the skill and enthusiasm of our staff and above all, the strong support of our members.

"Going forward, we will continue to provide excellent service and long term value for the people of the region that we serve and intend to remain their natural choice for financial services."