Bradford & Bingley back in profit
UK Asset Resolution said Bradford & Bingley made underlying profits of £200.1m in 2010, compared with losses of £166.5m in 2009.
Northern Rock Asset management - spun-off from the so-called “good” part of nationalised Northern Rock last year - made underlying profits of £277.4m in 2010, compared with a £313.4m loss the year before.
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Hide AdThe Government split Northern Rock in two at the start of last year, forming a mortgage and savings bank called Northern Rock plc and Northern Rock Asset Management (NRAM) to house the more toxic loans, which was later merged with B&B.
In contrast Northern Rock plc said it remained in the red earlier this month, reporting a £232.4m pre-tax loss for 2010.