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Northern Rock posts 11 per cent profit gain

Northern Rock has posted an 11.5 per cent jump in post tax profits according to its latest interim results.

The results show a revival in the mortgage bank’s strength following disappointing figures last year.
It enjoyed post tax profits of £84.5m compared to 75.8 last year.

Total gross lending leapt to £3,128m compared with £1,889m the previous year and its share of the UK net mortgage lending market rose to 7.8 per cent from 4.1 per cent last year.
The number of its loan processing centres was reduced to 8 from 15, but its loan processing capacity increased by 50 per cent with the introduction of its decision call centre.
Northern Rock director of institutional relations Dave Jones says: "Last year was unusual with lower figures than we had for the last few years. This was because of the retail funding market which was very competitive and expensive. We launched a securitisation programme which we are now using to develop growth ."

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