Northern Rock to become top three lender - papers 25th Jan

The Tyneside bank, ranked fifth with a 7.1% share, used yesterday’s full-year results to state its intention of becoming a top three lender by mortgage stock, or outstanding mortgages, over the medium term. The target would imply dislodging Santander’s Abbey and Lloyds TSB’s Cheltenham & Gloucester, which sit joint third with a share of about 9.5%, says the paper. Northern Rock yesterday reported an above-forecast 16.5% rise in underlying pre-tax profits to £587.7m and raised its final dividend to 25.3p, giving a 20.3% increase in the total payout. CHANGES TO the pension rules and a g...