Friday, August 7, 2009
Bad debts jump to Â£7.5bn
"The statutory pre-tax profit was Â£15m but chief executive Stephen Hester focused on the "poor" net attributable loss to shareholders of Â£1bn which drove the share price down 14% to 45.8p by 8.15am. It is now back below the 50.5p at which the taxpayer breaks even on its 70% stake after recording a Â£1bn paper profit yesterday". Hester admitted that while the bank was "on track" to increase net mortgage lending by Â£9bn as planned, the target for Â£16bn of business lending "remains challenging".