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Monday 8 August 2011
Wednesday 3 August 2011
Northern Rock latest accounts published (first half of 2011)
HEADLINES
- loss reduced
- value of the business down
- likely sale price around £1 billion
- remutualisation unlikely as Yorkshire and Coventry Building Societies seem to lose interest
The BBC reported the following details
Publicly owned Northern Rock plc has reported a pre-tax loss of £68.5m in the six months to 30 June, compared with a loss of £142.6m the previous year. The company was created last year after the lender was split between in two as a precursor to a sale
- loss reduced
- value of the business down
- likely sale price around £1 billion
- remutualisation unlikely as Yorkshire and Coventry Building Societies seem to lose interest
The BBC reported the following details
Publicly owned Northern Rock plc has reported a pre-tax loss of £68.5m in the six months to 30 June, compared with a loss of £142.6m the previous year. The company was created last year after the lender was split between in two as a precursor to a sale
The deadline for bids ended last week, with Virgin and JC Flowers reportedly interested.
There have been no reported bids from building societies. At least two, Coventry and Yorkshire, have ruled themselves out of the bidding.
The second part of Northern Rock - Northern Rock Asset Management - holds the bank's more risky loans, which might not be paid back. It is not due to be sold.
SaleNorthern Rock PLC said it expected to return to profit in 2012 and hoped to return to private ownership shortly.
The bank, currently owned by UK Financial Investments, did not announce a precise timetable for the sale process.
"We are pleased with the level of interest we have received and will continue to explore the sale option over the coming months," said the bank's financial statement.
The bank said its reduced losses were the result of a rise in income from interest on loans - especially mortgages - and lower costs.
However, lending actually fell. Gross lending, including retention business, was £1.5bn in the six months to 30 June 2011, compared with £2bn the previous year.
The bank said the retail environment remained tough and competitive - especially while bank interest rates remained low, limiting potential profits on loans.
"The environment remained challenging for a small, predominantly retail-funded, bank like Northern Rock," the bank said.
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