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August 16, 2009

Bradford & Bingley make £160m loss

by Richard Kilner

Story link: Bradford & Bingley make £160m loss

Bradford & Bingley plc has released its interim financial report, covering the first six months of the year.

Pre-tax losses of £160m were incurred for the first half of 2009, a substantial worsening of the 2008 figure of £26.7m.

The firm’s Tier 1 Capital Ratio has declined by 0.2% to 8.7% compared to the same period last year.

Managing Director Richard Banks has said that the firm remains on course to achieve its objectives, namely to repay HM Treasury and Financial Services Compensation Scheme as promptly as it is able.

Following the height of the financial crisis Bradford & Bingley was nationalised in the latter half of last year, and has since been acquired by Spanish banking giant Banco Santander.

Santander emerged unscathed from the crisis, and has also acquired British financial institutions Abbey and Alliance & Leicester.

 

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