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Scot Wids Bank reports profit increase

Scottish Widows Bank has reported a pre-tax £38.2m profit for 2009, but a £100m drop in its mortgage book.

The internet and telephone based mortgage and deposits bank says profit before tax increased 14 per cent in 2009, compared to £33.6m in 2008.

Overall the mortgage book dropped £100m last year, with balances of £6.5bn at the end December 2009. Total customer deposits for the full year were up 40 per cent to £3.8bn, or £1.1bn.   

Costs during 2009 reduced by 17 per cent for the year, but loan impairment increased by £2.4m to £6.1m.

Scottish Widows Bank managing director Graeme Hartop says: Our overall performance last year was strong against a background of considerable change and volatility in the market. Our strategy of offering consistent, long-term good value to our customers, with a balanced approach to risk, has been key in delivering these results.”

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