View more on these topics

Bradford & Bingley reports £196m pre-tax loss

Nationalised bank Bradford & Bingley has today reported a pre-tax loss of £196m in 2009, 29 per cent less than the £278m loss in 2008.

The 2008 reported figure, however, was helped by the £216m one-off gain from the sale of retail deposits to Abbey and the £196m adjustment to net interest income due to the expectation that its mortgage terms will now be longer than B&B first thought.

The results were £71m lower than the forecasted figure of £267m in the business plan.

The nationalised bank’s outstanding lending balances were reduced from £41.8bn in 2008, to £39bn in 2009.

B&B has also put aside a £388.4m provision for potential losses on its mortgage book from fraud.

Arrears cases of three months or more for the year ending 2009 stood at 5.54 per cent, compared to 4.6 per cent a year earlier.

Bradford & Bingley managing director Richard Banks says: “We have made substantial progress against our business objectives in 2009 and met all of the financial goals in our agreed business plan. The loss before tax of £196.0m for the year was £71.0m better than our original plan.

“We have completed our restructure to create an organisation that is fit for purpose to deliver a high quality service to our customers whilst reducing costs, minimising losses and delivering value to the taxpayer.”


Banks are committed to repaying the taxpayer

The chairman of the British Bankers’ Association, Angela Knight, today told Treasury minister Lord Myners that banks are committed to repaying taxpayers for their support during the financial crisis.

Six-year plan from Meteor

Meteor Asset Management has launched the protected FTSE deposit plan, offering a potential growth payment of 45 per cent at maturity. The six-year plan is linked to the performance of the FTSE 100 and offers a 45 per cent investment return, provided the index is at or above itsopening level at maturity. It is designed […]


Warning that early Nest savers will pay for those joining later

People who start saving into the national employment savings trust early on will end up subsidising those enrolled later, Towers Watson has warned. Nest is set to charge members 2 per cent of all contributions on top of a 0.3 per cent annual management charge until the costs of setting up the scheme have been […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm