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Bradford & Bingley back in the black

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by Kay Mitchell

Nationalised lender Bradford & Bingley (B&B) today announced it returned to profit in the first half.

The bank posted a pre-tax profit of £896 million for the six months to the end of June, after posing a loss of £160 million in the same period a year ago.

Meanwhile, operating costs fell from £65 million to £59 million.

According to the lender, the improvement was boosted by lower costs and mortgage arrears.

At the height of the financial crisis, B&B’s loan book was nationalised, while Spanish banking giant Santander took ownership of its savings business and branch network.

Next week, Northern Rock, which was the first British bank to be nationalised, will post its interim results.

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News posted: July 30, 2010

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