Nationalised lender Northern Rock has announced a £167.6m statutory before tax loss for 2007, a massive decline on the £626.7m profit recorded the previous year.
The beleaguered bank says it expects to be “significantly loss-making” this year, with a before tax profit unlikely before 2011. Northern Rock says as a result of its business restructuring, it aims to repay the current £24bn Bank of England loan by the end of 2010. Excluding treasury impairments and non-recurring costs, the lender recorded an £421.9m underlying before tax profit last year, down on the £587.2m in 2006. “Looking ahead, we have developed a business plan that we believe will help drive the bank back towards profitability, and ensure it has a sustainable future and remains a...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes