Northern Rock reveals $1.22bn loss

4 August 2009

Nationalised UK bank Northern Rock has reported losses of $1.22 billion for the first half of 2009.

The Newcastle-based lender's performance during the six-month period had been expected by industry analysts and chief executive Gary Hoffman suggested there are positives that can be taken from the results.

He commented: "The current environment continues to be challenging, however, against this backdrop Northern Rock is making progress against its revised plan and has delivered results in line with expectations."

Northern Rock, which became publicly owned in February 2008 after being hit hard by the economic downturn, is one of a number of major UK financial institutions releasing its earnings figures this week.

On Monday, Barclays announced an eight percent increase in profits during the first two quarters to $4.98 billion. Meanwhile, HSBC unveiled pre-tax profits of $7.5 billion.

Lloyds Banking Group will announce its financial results on Wednesday, with Royal Bank of Scotland set to follow on Friday.

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