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Standard Life Bank moves into profit

Standard Life Bank has moved into profit for the first time, reporting profits of £4.6m a year ahead of expectations.

Mortgages under management grew from £7.2bn to £8.7bn and gross mortgage lending rose from £3.1bn to £3.4bn.

SLB says it is well placed for future growth, as it now has the ability to access all mainstream sources of mortgage funding after its debut securitisation programme of £2.5bn was well received.

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