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Record lending for Rock

Northern Rock has seen record gross lending of £4bn and net lending

of £2.3bn for the first six months of this year.

The increase represents a 28.2 per cent jump from £3.1bn last year

and the 16.3 per cent leap in net lending from £2bn helped give the

company a 7.3 per cent share of UK net mortgage lending.

Northern Rock says the results provide further confirmation that its

strategy of focusing on lending primarily to individuals remains firmly on


Pre-tax profits rose by 14.1 per cent to £139.6m from £122.4m

last year and post-tax profits increased by 14.8 per cent to £97m from


Northern Rock recorded strong gross residential lending of £3.1bn

from £2.5bn last year and net lending of £1.7bn from £1.5bn

last year.

It says its success is down to the buoyant residential lending market

supported by falling interest rates, house price inflation and robust

consumer confidence.


Opra forms on defaults could not be clearer

I read with interest the article in the July 12 edition of Money Marketingheadlined, Life offices slam Opra on multi default funds. The article states that: “…the regulator has allowed some providersto offer more than one default fund on stakeholder schemes although manyproviders had believed they were only allowed to register onedefault fund.” Friends Provident […]

Big pension boost for Norwich Union

Norwich Union&#39s UK business leapt by 23 per cent in the first half of thisyear to £668m in equivalent premium income from £541m last year,boosted by a massive increase in pension sales. Individual pension sales were up by 77 per cent to £140.8m from£79.5m last year. Group pension business rose by 41 per cent to£176m […]

CIS warning on undeserved bonuses

Co-operative Insurance Society is concerned that undeserved bonuses are diverting money from millions of investors who rely on company shareholdings to fund their pensions, Isas and other savings.Chief investment manager Chris Hirst says: “Research by the CIS Responsible Shareholding Unit, has highlighted the problems surrounding executive pay and bonuses. Independent scrutiny of company management and […]

Egg narrows losses

Online bank Egg has narrowed its losses to £63.4m for the first six months of this year, down from £80.7m for the same period last year.Egg says it gained 370,000 new customers in the last six months, bringing its customer base up to 1.7m, although it would not say how many customers had left over […]

Show me the money – earnings are central to performance in Europe

Equity markets globally currently remain vulnerable to sharp shifts in sentiment caused by either unexpected or unwelcome outcomes in key upcoming political events (the US and German elections, Brexit and the Italian referendum). These top-down influences, combined with the current low global growth environment, will likely lead to broadly directionless markets, and prolong the current low beta return environment. We do, though, […]


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