Annual Report and Accounts 2025
This year marked the fourth full year of the Scottish National Investment Bank being operational. It has been a year of continued progress in developing the Bank’s capabilities and our investment portfolio, against a challenging economic context.
Download the report
Annual Report and Accounts 2025
Al Denholm
Chief Executive Officer
Introduction from the CEO
For the Financial Year 2024/25 (FY24/25) the Bank has continued to support the growth of the Scottish economy by investing in innovative businesses that align to our missions. At the close of the financial year in March 2025 we had committed over £784.8 million of investment in total and our portfolio has grown to 42 businesses and projects.
Looking to the year ahead, our strategic priorities remain consistent and are set out in our Business Plan. These priorities include the growth of offshore wind, supporting Scotland's house needs, and helping to scale university spin-outs.
I believe that there are significant breadth and depth of investment opportunities ahead. The news that we received FCA authorisation for our subsidiary Scottish Investments Limited, as an example of our developing maturity.
The delivery of the Bank’s ambitions, targets and plans are entirely reliant on our excellent team. I was therefore particularly delighted to see the Bank named in the Sunday Times ‘Best Places to Work’, based on our culture and working practices.
With a strong team and leadership transition planned, the Bank is well-positioned to deliver its mission in challenging market conditions.
Financial highlights
- Income increased nearly 80% to £34.5m; income was more than double the Bank’s operating costs (£16.2m)
- The Bank has committed £785m across 42 businesses and projects since its inception and has crowded in £1.4bn of additional investment
It crowded in £324m this year, substantially above its £181m target
Pulpex: Building for the Future
The Bank invested £10m into sustainable packaging manufacturer, Pulpex. Al Denholm met Scott Winston from Pulpex to visit their planned manufacturing facility near Glasgow airport. The factory is anticipated to create 40m bottles per year and create 36 new jobs on site.
Impact highlights
Improving lives and living standards
Since launch, our investments have positively impacted 207,042 people through regeneration, high quality housing and connectivity.
2023: 116,944
That’s an increase of 90,098 people since 2023.
Reducing harmful emission
Since launch, our investment portfolio has avoided, reduced or removed the equivalent of:
3,127 full capacity, return flights from Glasgow to London.
2023: 57,847 tCO2e
That’s an increase of 77,684 tCO2e avoided, reduced or removed since 2023.
Helping to create and safeguard employment opportunities
In 2024, our investment portfolio directly supported 2,362 jobs, with a further 729 jobs supported by indirect and induced impacts from the Bank’s investments.
2023: 1,850
That’s an increase of 1,241 jobs since 2023.
Strategic Priorities
Our ambition for the Bank and strategy for delivery remain the same. Our six strategic themes are consistent with those published in our two most recent Business Plans:
Strategic themes
- Demonstrating and enabling impact
- Delivering investment
- Building insights, partnerships and our reputation
- Enabling private sector investment
- Targeting financial self-sustainability
- Realising the potential of our people
Bank missions
Net Zero
Address the climate crisis, through growing a fair and sustainable economy.
Place
Transform communities, making them places where everyone thrives.
Innovation
Scale up innovation and technology, for a more competitive and productive economy.
How the Bank invests
If you want to explore the Bank's investment process, missions and success visit 'Make an investment enquiry' page to learn more.
Make an investment enquiry