Scottish Widows Bank says the change in the financial climate halfway through last year helped it secure a stronger market position in the second half.
Scottish Widows Bank says the change in the financial climate halfway through last year helped it secure a stronger market position in the second half.
However, it admits to a continuing squeeze in the savings market from new overseas entrants paying high rates.
The bank yesterday reported pre-tax profits of £30.4m, a 5.3% increase on 2006. Net mortgage growth for the year was £240m, an increase of 4.3%, bringing total retail lending at the end of December 2007 to £5.86bn.
The maximum loan on the bank's professional mortgage has been cut from 110% to 100%.
Total retail deposits for the full year were £2.54 bn, a drop of 5.4% reflecting "intense price-led competition", which managing director Graeme Hartop said was continuing.
The bank expanded its niche mortgage range, launched internet banking, and entered the final phase of implementing a new administration platform.
