Airdrie Savings Bank today announced record lending figures of more than £36million last year, up 24 per cent on the previous year.
Publishing its financial results for 2010, Britain’s last independent bank reported a pre-tax profit of £326,000, up 21 per cent from £270,000 in 2009.
Deposits at the Bank increased by 5.4 per cent to £130.6million, while the bank now holds reserves of £15.04million compared to £14.74million the previous year.
Airdrie Savings Bank, which marked its 175th birthday last year, is now looking to build on its success by expanding outside of its Lanarkshire homeland for the first time.
Robert Boyle, the Bank’s President, said: “2010 was not only historic, it was also a successful year for Airdrie Savings Bank and there is the expectation of further growth in 2011.
“The Bank has maintained a consistently cautious approach and is committed to providing a traditional banking service that listens and reacts to customer needs, enabling us to achieve growth during a difficult time for the sector.
“The focus of the Trustees and employees is specifically on serving our customers and looking after their money safely. We are also endeavouring to support businesses and individuals during these unprecedented economic times.”
Last year the Bank won the backing of several leading Scottish business figures including Brian Souter, Ewan Brown, Alastair Salvesen, Sir Tom Farmer and Ann Gloag who were dismayed at the state of the UK’s banking sector. Impressed by Airdrie Savings Bank’s commitment to traditional banking values, they provided several million pounds as seedcorn for its expansion plans.
The Bank is now considering plans to open two branches outwith Lanarkshire over the next 18 months, with further growth expected over the next five years.
Jim Lindsay, Airdrie Savings Bank’s Chief Executive Officer, said: “Given the uncertain economic conditions, we are very pleased with the results we are reporting today.
“We have fulfilled our commitment to continue lending to customers and expect that figure to continue growing in the coming months.
“Customer response suggests that this is a perfect time for us to look at expansion. There is a genuine appetite in Scotland for an independent bank offering a traditional, reliable banking service.”
At the Bank’s recent Annual General Meeting Robert Boyle was re-elected President and Iain Lee was re-elected Vice-President, each for a further year.
Issued by Beattie Communications