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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.”

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