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Standard Life Bank will not make profit until 2003

Standard Life Bank has announced it does not expect to make a profit until 2003, a year later than expected.

The mortgage and savings bank blamed tighter interest margins and rising competition in the mortgage market for the setback.

The bank says it expected to have deposits of £4.13bn on its books by the end of the year with mortgage lending of £5.8bn which were both in excess of its projected target.

But competition for direct mortgage and banking sales had sliced margins by up to 15 basis points off interest rate differentials of 120 to leave around 105-110, putting back profit targets by a year.

Standard Life managing director Neil Ross says: “When we launched our flexible mortgages there were about two other providers and now there are 40, though we will run into profit by 2003.”

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