Parlando d altro continuano a migliorare i conti del mio primo amore
London, 31/03/2011
Northern Rock (Asset Management) plc
- Underlying profit before tax of £277.4m, compared with £313.4m loss in 2009
- Statutory profit of £400.5m, compared with £257.5m loss in 2009
- Take-up of subordinated debt and reserve capital instruments tender offers yielded a net gain of £950.7m
- Total costs reduced by 10% to £303.6m, down from £335.5m in 2009
- The number of accounts more than three months in arrears including possessions at 31 December 2010 increased by 3% to 25,419 (FY 2009: 24,625)
- The number of properties in possession fell to 1,984 (2,061 at 31 December 2009)
- Repaid £1.1bn of Government loan during the year
OUTLOOK
NRAM and B&B made good progress in 2010 on behalf of the taxpayer and we have experienced improvements in performance. Looking forward, there are some challenges.
The outlook for the UK economy remains uncertain. The current low level of the Bank of England base rate means that loan repayments remain affordable for most customers. However, increases in taxes, higher inflation and job losses will all put pressure on disposable incomes even before the cost of any future higher interest rates. Inevitably our customers will be affected by these changes and this may impact the performance of our business.
In such challenging circumstances we will continue to maintain strong relationships with the debt advisory agencies and remain focused on providing help and advice to our customers in financial difficulty.