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B&B denies rights issue

Bradford & Bingley has denied reports that it is planning to raise equity through an emergency rights issue.

In a statement this week, the firm says: “Contrary to press speculation, Bradford & Bingley announces that it is not intending to issue equity capital by way of a rights issue or otherwise.

“Bradford & Bingley has a strong capital base above its regulatory requirements and as a result of the board’s conservative approach has funded its business activities through 2008 and into 2009.”

B&B admits that in the current market environment, it will continue to monitor its balance sheet strength and funding plans closely.

The company is set to publish its interim management statement on April 22.

B&B said in its full-year results in February that it faced no funding problems and had £2bn agreed credit from banks. It said customer deposits funded 60 per cent of its loans.

Its underlying profit almost halved to £126m in 2007 from £246.7m in 2006.

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