Northern Rock has posted a pre-tax loss of £257 million for 2009. However, this is an improvement on the loss of £1.4 billion in 2008.
The underlying loss before tax was £383 million compared with £1.3 billion in 2008. Statutory profit before tax was £467 million for the second half of 2009, compared to a loss before tax of £724 million in the first half of 2009 (Underlying loss before tax in the second half of £139 million).
The state-owned bank says it achieved its target for residential lending of £4.2 billion in 2009, with average LTV of 56% for new loans.
However, residential mortgage accounts over three months in arrears, including Together loans, are 4.28% at 31 December 2009, compared with 2.92% at 31 December 2008.
The number of properties in possession fell to 2,061, compared with 3,620 at 31 December 2008
Gary Hoffman, Northern Rock (Asset Management) plc chief executive said: “We made good progress in 2009
