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.”