PENRITH Building Society has reported record assets in its annual results.

The organisation - which has one branch in King Street, Penrith - has also reported its second-highest ever figure for mortgage advances and a "stable" profit.

These figures are for the whole of 2016.

Its total assets recorded in this year were £106.06m, the highest figure it has ever reported.

The society loaned out £21.89m in mortgage advances, an increase from the 2015 figure, which was £18.12m.

In addition, its mortgage assets have increased by 6.23 per cent to a new record level of £79.27m.

In 2016 it gave out 171 advances in total, including 20 further advances.

The firm's overall profit before tax was £202,312, which dropped to £166,546 after taxation, a small increase on 2015's figure of £165,404.

The building society has also increased its reserves to £10.83m, or 11.39 per cent of its shares and amounts owed to other customers

It has a net amount of interest receivable of £1.69m - which is an increase from the £1.55m figure it reported in 2015 - on the back of improved margins

The society’s chief executive Amyn Fazal said: "These results illustrate perfectly the value that we, as an independent Building Society bring to our members.

"In addition, the awards that we have won are further evidence that what we have to offer our members, both existing and prospective, really resonates with the current mood."

"I am delighted that so many of our members have provided personal testimony of the great service that they have received in their dealings with our teams," he added.

During 2016 the company gave more than £7,000 to charities and local organisations, including Eden Valley Hospice, Penrith Rugby Club, Penrith & District Red Squirrel Group and Jigsaw, Cumbria’s children’s hospice.

The Penrith, set up in 1877, is Britain's smallest building society with 22 staff and more than 9,000 members. Its AGM is being held at The Rheged Centre, near Penrith, on April 26.