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Scottish Widows Bank announces results and new MD

Scottish Widows Bank has announced a doubling in its pre-tax profit and a new managing director in Graeme Hartop.
The telephone-based mortgage and deposits bank launched in 1995 has shown its pre-tax profits to be up to £16.5m from £8.1m.
Mortgage lending rose 16 per cent to £2.73bn, with deposits staying constant at £2.2bn.
New managing director Hartop succeeded Rob Golbourn last month. Hartop was previously deputy managing director.
He says: “From the outset we have grown the bank in a profitable and sustainable manner and I intend to build on this and continue to make a significant and valuable contribution to Scottish Widows and Lloyds TSB Group.”
Of the bank&#39s business results he says: “Our growing stature in the IFA and mortgage broker market is a key element in our continuing success. By delivering innovative products including an offset facility, online services, as well as our award winning service for brokers and their clients, we have strengthened our position in this market.”

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