KENT Reliance is the fastest-growing building society in the country with a 50 per cent assets boost in the past year.

The Chatham-based mutual with offices countywide hiked assets from £401m to £610m. But the society's profits grew at a slower rate after what chief executive Mike Lazenby called "repatriation" to members through better interest rates.

"We are giving a better deal to members but still growing the business at a very fast rate," he said.

At the same time, the society, which recently expanded into the Jersey home loans market, reduced costs from £1.4m to £1.06m. This was achieved by shedding jobs, investing in new technology and the effects of quitting a number of office properties in Manor Road and moving to Sun Pier.

Mr Lazenby said it was a great achievement and paid tribute to the efforts of the staff.

"It has been a year of significant change and challenge for all of them but I am delighted to say they have met all of these challenges enthusiastically in order to achieve our core objective," he said.

The society's main aim was to serve the people of Kent and the country "with the best possible products at the best possible price."

It’s products have featured in "best buy" tables in the past 12 months and Mr Lazenby pledged it would be no different next year.

In the year to September 30, the society approved new mortgages worth nearly £200m - up 150 per cent. New savings rose 25 per cent to more than £200m.

John Cheele, the society chairman, said: "This performance is fundamental to the society's five-year strategy, in which it is our plan to achieve substantial growth whilst containing costs.

"By increasing our asset size without a relative increase in management and administrative costs, we are able to lower our net interest margin (the difference between the rate we charge on mortgages and the rate we pay on investment accounts.)

Earlier this year, Kent Reliance bought a £53m mortgage portfolio from Standard Chartered Grindlays bank in Jersey.