Northern Rock’s bad bank posts first profit
Northern Rock Asset Management, the bad bank composed of the toxic assets of the failed UK lender in 2008, on Tuesday posted its first half-yearly profit, for the six months leading up to the end of June.
The bad bank booked underlying pre-tax profits of £167.3m ($266.5m) from the start of the year to 30 June. The result followed a full year pre-tax loss of £257.5m last year. The first half year performance trumped the same from last year, when the bad bank made a loss of £724.2m.
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