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Nationalized UK bank Northern Rock back in profit
Staff and agencies13 mins ago
Northern Rock said it posted a statutory profit of 466.7 million pounds ($696 million) in the second half, following a loss of 724.2 million in the first half of 2009.
Loan loss impairment charges rose to 1.05 billion pounds from 894 million pounds in 2008.
The results were the last for the old company, which on Jan. 1 was split into two units: Northern Rock PLC, which expects to return to profit, and Northern Rock (Asset Management) PLC which holds the company‘s riskiest assets.
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