The SNIB’s first year results have revealed that Ms MacTaggart received almost £350,000, despite leaving her post in February this year.

The annual report published by the bank today indicated that Ms Mactaggart was paid a base salary of £235,800 along with pension payments worth almost £26,000. Her pay packet also included a sum of £98,250 that covered five months of wages in lieu of her notice period as well as £7,709 for 8.5 days of unused annual leave. According to the report, Ms Mactaggart received total fixed pay of £348,047.

Sarah Roughead, who stepped in as interim CEO, was paid £231,073 including a bonus worth more than £47,000 for the 12 months to March. The SNIB said that the median pay of its staff was £84,840 in the same period.

The results indicated that the bank has invested over £140 million in twelve businesses acorss Scotland throughout 2022, and leveraged a further £327m of backing from other private and public sector investors.

According to its accounts, the SNIB has increased net assets from £31.4m to £165.4m at year end.

A spokesman for SNIB said: “The bank’s pay and reward framework was developed with the input of independent reward specialists using propriety job evaluation methodology.

“The pay ranges for the executive directors were arrived at by applying this pay methodology, taking into account external market data. The bank’s remuneration committee reviews and approves individual salaries for executive directors based on the pay and reward framework which has been agreed.”