In 2003, the bank broke into profit a year ahead of schedule and the momentum in the bank's growth has continued into 2004. Profits for the Bank to May 15 2004 were £6m compared with £2.1m for the same period last year.
Anne Gunther, chief executive of Standard Life Bank, says: “Breaking through the £10bn barrier is a great achievement and represents a significant milestone in a journey which has seen Standard Life Bank grow from a standing start when we entered the mortgage market in 1999 to establishing ourselves as a key player. Our success is due to strong relationships with mortgage introducers, the popular flexible features of our Freestyle mortgage and great customer service.
“This latest achievement builds on the significant milestone of breaking into profit last year. We now have the scale to really add to the overall Standard Life Group, providing a core financial planning tool to our customers through our Freestyle mortgage.”