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Sun Bank profits up 39 per cent

Sun Bank pre-tax profits jumped 39 per cent to £6.2m from £4.46m for the first six months of the year.

Assets under management rose 16 per cent to £1.3bn from £1.1bn and lending increased 14 per cent to £156.8m from £137.5m. Customer deposit accounts increased 13 per cent to £1.1bn from £974m.

The bank has shifted its distribution towards IFAs after the Sun Life Financial of Canada salesforce was axed. Sun Bank says its range of flexible mortgages and savings accounts account for the increase.

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