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Northern Rock reports reduced losses
Business digest: Nationalised bank made loss in first half of 2011, but expects to return to profit next year
Northern Rock PLC, the nationalised bank that the government wants to sell off, made a pre-tax loss of £68.5m in the six months leading up to June 2011 - considerably less than last year's £142.6m loss.
The deadline for bids to buy Northern Rock PLC – created last year after the failing bank was split in two to encourage a sale – ended last week. While there has been no reported interest from building societies, Virgin and JC Flowers are believed to have shown an interest.
The bank remains confident about the sale. "We are pleased with the level of interest we have received and will continue to explore the sale option over the coming months," it said in a statement. There is no timetable for the sale.
A combination of rising income from interest on loans, lower costs and a competitive environment have all been cited as reasons for Northern Rock PLC's reduced losses. The bank said it expects to return to profit in 2012.
Read a full report on BBC News. ·
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The way they run northern rock is a complete joke.. still. http://www.investoo.co.uk/standard-charted-profits-on-the-increase/ look at standard chartered, they are a shining example of how to work in the finance industry. The government should look to them for help.