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Widows sees earnings rise
SCOTTISH Widows Bank has reported a 5.3 per cent jump in annual profits to £30.4 million.
The Edinburgh-based internet and telephone operation said the rise reflected the underlying strength of the business.
Despite a challenging market, SWB achieved a 4.3 per cent rise in net mortgage growth to 240m, taking total retail lending at the end of December to 5.86bn.
However, there was a 5.4 per cent slide in overall retail deposits to 2.54 billion, which SWB's managing director Graeme Hartop said was a result of intense price-led competition in the savings market.
"Our overall performance last year was strong, against a background of considerable change and volatility in the market," he added.
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Monday 28 May 2012
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