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Northern Rock losses narrow

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by Kay Mitchell

Nationalised lender Northern Rock Plc has today unveiled its results for the half-year.

The crisis-torn bank, which was the first victim of the credit crunch, said pre-tax profits for the six months to 30 June totalled £68.5 million, against a loss of £142.6 million in the same period a year ago.

However, lending was lower at £1.5 billion, compared with £2 billion the previous year.

Northern Rock collapsed in the autumn of 2007 when savers staged a nationwide run on the bank.

This signalled the onset of the banking crisis and the Rock was subsequently nationalised in February 2008.

At the start of 2010, Northern Rock was split into two divisions – a “good bank” of profitable assets and “bad bank” of toxic debts.

Northern Rock Plc expects to return to profit in 2012 and it is anticipated that it will return to private ownership in the short-term.

The so-called “bad bank” (Northern Rock Asset Management) is not due to be sold.

Meanwhile, the deadline for bids for Northern Rock Plc closed last week and there is understood to be interest from Virgin, and private equity firm, JC Flowers.

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News posted: August 3, 2011

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