Bradford & Bingley profits plummet
Updated 08.20 Wed Feb 13 2008
Profits at mortgage lender Bradford & Bingley virtually halved in 2007 after an "eventful and difficult" period for the banking sector.
A host of write-downs, including £142.1 million on investments hit by the credit crunch, left the firm with pre-tax profits of £126 million - 49 per cent below 2006.
The West Yorkshire-based lender added that bad debt charges on its residential mortgages had trebled to £22.5 million last year amid more pressure on borrowers.
Despite the profits blow, B&B said key markets remained healthy, with tenant demand at its strongest level for five years continuing to buoy buy-to-let mortgages.
© Independent Television News Limited 2008. All rights reserved.
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