Northern Rock won't break even before 2011

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...