SVB has issued a trading statement showing a £20m profit before tax for the period ended 30 June 2005.
It claims the figure is "a result of favourable trading conditions in its continuing business."
The statement added: "This is before pre-tax currency gains under International Financial Reporting Standards (IFRS) of around £5m."
However the SVB board said the statement did not alter its current expectations for the year ending 31 December 2005.
"A substantial amount of the book remains on risk, in relation to both property and liability classes, and certain earnings distortions in the first half are expected to unwind in the second half.
"In addition, currency fluctuations under IFRS may increase the volatility of the headline result," the company added.
SVB will announce its interim results for the period ended 30 June 2005 on Friday 16 September.
