The Scottish National Investment Bank has reported a loss of £3.4m, largely due to the early valuation profile of fund investments where unrealised losses are expected, followed by capital appreciation in later years.
Launched in November 2020, its first full-year accounts also showed that as the bank has built its systems and recruited new staff, administrative costs rose from £2.9m to £9.7m, reflecting “not only the full-year equivalent of costs for the part prior period, but the size of the bank required to deliver its ambitions“.
During the 12 months to 31 March, £129.3m of investment capital was deployed, up from the £22.9m during the four-month period in 2021. Income generation stood at £1.9m, compared to £400,000 during the four months during 2021.
