Bradford & Bingley sees profits nearly cut in half

(Source: Reuters)

UK Asset Resolution owned Bradford & Bingley has published preliminary results for the year ended 31 December (results). The bank saw profit before tax fall by 49 per cent to £690.5m.

Richard Pym, UK Asset Resolution chairman, commented on the results:

In 2012, we completed the process of integrating B&B and NRAM, paid £4bn to the taxpayer and reduced three month mortgage arrears by an impressive 23%. When we launched UKAR in October 2010 we owed HM Treasury £48.7bn and by the end of 2012 that had reduced to £43.4bn. We still have a long way to go, but it remains our expectation and determination to repay that debt in full.