Wednesday, Feb 13, 2008
B & B loses a lot of money but is presented with a 'unique set of challenges and opportunities' and guess what is keeping them going - 'strong fundamentals'
BBC News: Bradford & Bingley profits slide
"Lender Bradford & Bingley (B&B) has reported a sharp fall in profits after cutting the value of risky assets following the recent market turmoil. Pre-tax profit almost halved to £126m in 2007 from £246.7m the year before." - Then there is a good bit of spin here "B&B said that if it stripped out what it termed "unusual and extreme external events" then underlying profits rose 5% to £351.6m". So that's alright then!? - "There is no denying that today's market circumstances present the mortgage industry with a unique set of challenges and opportunities," B&B said. "We believe the fundamentals that drive our specialist markets remain strong, and expect the buy-to-let market to continue to grow at a faster rate than the mainstream mortgage market," it added."
3 Comments
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1. inbreda said...
"sharp fall in profits after cutting the value of risky assets "
So basically the same asset that was worth X yesterday is now only worth Y.
The value of B&B is a matter of opinion - debt is real !!!
2. Montesquieu said...
That's their cunning plan? Strong buy to let? Are they serious?
3. alan said...
The number of mortgage borrowers in arrears on payments by three months or more has gone UP by 42% to 6,170.
Doh.......