CUMBERLAND Building Society has posted a profit after tax of £7.66m for the year ended March 31 – a rise of £1.5m on the previous year.

There was a 13.3 per cent growth in residential mortgage balances, with new advances rising by 39 per cent to £313 million. Along with retail savings inflow from members, the society has utilised funds from the Government’s Funding for Lending.

And despite a reduction in savings across the market, it recorded its second highest inflow of funds at £75m and savings and current accounts grew by 5.8 per cent.