View more on these topics

Scot Wids Bank posts 12% profit rise

Scottish Widows Bank has revealed solid profits amidst the current financial turmoil.

The lender reported profit before tax for the half-year increased to £16.4 million compared with £14.6 million for the same period last year, a rise of 12 per cent.

Net mortgage growth for the half-year was £0.8 billion, a 14 per cent growth on 2007 year-end, with total mortgage balances of £6.6 billion as at 30 June 2008.

Gross mortgage lending at £1.4 billion was 89 per cent up on the same period last year.

The bank revealed just 0.23 per cent of the mortgage book had two or more payments in arrears at 30 June 2008, which is well below the industry average.

Scottish Widows Bank managing director Graeme Hartop says: “We continue to be a strong player in the professional and offset mortgage markets and our credit quality remains good with arrears levels considerably lower than the industry average. Despite the testing conditions we have achieved good profitability growth in the first-half.”


A bull case for US equities?

Neptune video: a bull case for US equities?

Watch Felix Wintle, head of US equities at Neptune, discuss why he believes US equities are in a structural bull market and the key factors that can drive the S&P 500 higher.

In the video, Wintle addresses the following:

• The US market and why — despite equities rising from 2009 — he believes the structural bull market only started in 2013
• Key economic and corporate factors that can drive the S&P 500 higher
• Investment themes and sectors offering exposure to the domestic recovery


News and expert analysis straight to your inbox

Sign up


    Leave a comment