chelsea cutsits deficit
Chelsea Building Society reduced its annual loss in 2009, it announced yesterday.
The mutual reported a pre-tax loss of 27.1m for 2009, compared to a loss of 39.3m in 2008.
It had already reported a 26.3m loss at the half-year stage.
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Hide AdDuring the second half of 2009 Chelsea has been investigating a number of suspected buy-to-let fraud cases.
But it said a significant number of cases show no evidence of fraud.
This resulted in the one-off charge, which reflected a writedown in the value of properties in its buy-to-let portfolio that had been fraudulently inflated, being reduced from 41m at the half year to 32.6m.