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“.

Want to see more SNP fails? – Health Matters