Scottish Widows Bank Reports Positive Results for 2008
Scottish Widows Bank, the internet and telephone based mortgage and deposits bank based in Edinburgh, has today announced its 2008 annual results, reporting profits of £33.6m for the year. The profit before tax figure represents a 10% increase on 2007, achieved despite turbulent market conditions.
Edinburgh, Scotland (PRWEB) May 8, 2009 -- Net mortgage growth for the year was £0.8bn, an increase of 13% on 2007 year end, bringing total retail lending at the end of December 2008 to £6.62bn.
Total customer deposits for the full year were up £0.2bn at £2.73bn. This is up 7% on 2007, reflecting steady growth despite intense price-led competition in the savings market.
Graeme Hartop, Managing Director, Scottish Widows Bank comments:
"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."
Costs during 2008 remained steady with a cost/income ratio of 40% and credit risks continue to be managed effectively with arrears figures approximately one tenth of the industry average.
Hartop continues:
"The combination of a strong financial services brand and experience in our markets has proven to be the right balance to endure what was a testing year for the market. Looking to the future, our key priority is to continue to build on the successes of last year and develop in our chosen markets, while maintaining a close focus on risks."
Scottish Widows provide a wide range of financial services including life insurance, pensions and individual savings accounts (ISAs).
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