B&B suffers £18m fraud blow in H1 loss

B&B’s first half result was well down on the £180.4m profit recorded in the corresponding period in 2007, with the lender struck by a £74.6m credit impairment charge this year - which includes the £18m fraud charge. Its balance sheet was also hit by an increased number of mortgages three months or more in arrears and a 5% deflation in regionally weighted house prices. The bank's restructured £400m rights issue and ownership uncertainty has weighed heavily on investors in recent months, with B&B’s share price currently more than 82% lower than its 52-week high. Chairman Rod Kent says the ...