Bradford & Bingley back in profit

THE state-owned company that runs nationalised Bradford & Bingley and Northern Rock Asset Management said both companies returned to profit last year.

By The Newsroom

Published 31st Mar 2011, 10:12 BST

UK Asset Resolution said Bradford & Bingley made underlying profits of £200.1m in 2010, compared with losses of £166.5m in 2009.

Northern Rock Asset management - spun-off from the so-called “good” part of nationalised Northern Rock last year - made underlying profits of £277.4m in 2010, compared with a £313.4m loss the year before.

The Government split Northern Rock in two at the start of last year, forming a mortgage and savings bank called Northern Rock plc and Northern Rock Asset Management (NRAM) to house the more toxic loans, which was later merged with B&B.

In contrast Northern Rock plc said it remained in the red earlier this month, reporting a £232.4m pre-tax loss for 2010.

Bradford Government