Alliance & Leicester's profits have fallen to less than a tenth of their level a year ago it was revealed today.
The bank says its core retail and commercial banking operations are robust, but has suffered from losses on treasury investments. Core profits, including losses from treasury assets and other costs, were just £22m in the first of 2008, down 92% from £295m last year. Furthermore, stautory profits before tax fell 99%, from £290m in the first half of last year to just £2m over the past six months. Retail banking operations made a core operating profit of £211m, up £4m from last year, while commercial banking operating profits hit £89m, up 14%. However, A&L’s treasury operation made a loss ...
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