Its 2013 annual report and accounts confirmed a pre-tax profit of £3.1m, an increase from £1.4m in 2012.

The increase in profitability has been generated through the continued success of the society’s mortgage lending activities, it said.

Jon Hall, chief executive of Saffron Building Society, said: “Over the past year we have increased the size of our mortgage book and achieved growth in profits retained for the benefit of our members, whilst delivering a material improvement in service to our customers. We have invested in our people, technology and working environments, so that we can perform robustly for our members in the future, as well as today.

“2013 was also a year in which we re-affirmed our commitment to the intermediary mortgage market via the launch of Saffron For Intermediaries and our Special Situations and Everyday Situations ranges of mortgage products. We are continuing to develop our intermediary mortgage proposition and we will be launching further new products during 2014.”