A subsidiary of Lloyds Banking Group, Bank of Scotland made the leap after reporting a profit of £1.45bn in 2014 compared to a loss of £1.24bn the previous year.
According to Scottish Business Insider’s overview, Bank of Scotland’s income increased by 4% to £7.65bn while reducing its impairment losses by 44% to £2.41bn compared to £4.3bn in 2012.
Bank of Scotland made the headlines in August last year for unfairly double-billing its mortgage customers who had fallen into arrears, which a high court judge in Belfast ruling over the case described as ‘unconscionable’.
It was found that the bank had continued to pursue borrowers for mortgage arrears after it had capitalised the monies owed by be adding them to the existing mortgage balances. The judge ruled that while it was normal practice to capitalise arrears, which increases the monthly mortgage payment, borrowers should no longer be treated as being behind on payments.
Standard Life came top of the listing for the third consecutive year. The insurance firm’s turnover rose 19% to £22.9bn in the 2013 financial year though it suffered a 15.5% decline in profits to £915m.