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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 ."


Opra takes part in virtual question period

The Occupational Pensions Regulatory Authority is putting itself under the spotlight by taking part in a virtual question time on August 14.Opra chairman John Hayes, chief executive Caroline Instance and board member John Bowman will be available for questions relating to Opra’s fourth annual report between 2pm and 5pm at report shows pension cases […]

Aon Financial is poised for MBO

The world&#39s second-biggest insurance broker Aon is believed to have agreeda management buyout of its UK financial services operation for £20m.The MBO of Aon Consulting Financial Services, is expected to be completedby August.Sources say it will then trade under the name of Momentum.Momentum is expected to be headed by ACFS managing director Paul Johnstonand head […]

A Consumer&#39s View

The latest report from Opra ought to stir the Government into some sort of action.Once again, chairman John Hayes finds it necessary to reprimand pension scheme auditors and trustees for serious breaches of pension legislation. This should not be allowed to continue.Hayes says: “Production of the accounts and the role of the auditor as statutory […]

Buying into the biotech boom

There has never been a better time to invest in biotechnology. A number offactors are working together to promote biotech into a dynamic industrythat joins scientific advancement and profits into a powerful investmentopportunity.The sector is only about 20 years old. It came into vogue in 1991 as thepromise of biotechnology was revealed to investors. Stock […]


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