MORTGAGE losses at Bradford & Bingley, the seventh largest building
society, increased from #25.7m to #28.3m in the first half of the year
but the society is confident they have peaked, writes CHRISTOPHER SIMS.
Arrears and repossessions are down and second half losses are expected
to be well below the comparable #55m. The society still managed a big
rise in first half profits from #38.9m to #58.8m.
Chief executive Geoffrey Lister commented: ''It is reassuring to see
our profits being maintained at similar levels to those achieved in the
second half of 1992.''
Mr Lister sees a slow but steady recovery in the housing market as
interest rates remain low.
Like several others Bradford & Bingley has tightened its mortgage
criteria, though its total assets still rose by 1.6% to #13.3 billion.
Gross and free capital ratios improved by 0.3% in the six months. Cash
has increased from 16.7% of total assets to 18% over the past year.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article