£196m loss for Bradford & Bingley

Mar 19 2010

Nationalised lender Bradford & Bingley has posted annual losses of £196 million as write-offs on bad debts and fraud almost doubled.

Although the slide into the red was less than 2008's £278 million reverse and a better result than expected in its business plan, the firm took an £884.1 million loan hit - up from £467.7 million the previous year.

Of this, £388.4 million came through provisions for fraud and professional negligence, which the former buy-to-let specialist said mostly related to property valuations during the housing boom.

B&B is running down its mortgage loan book after being rescued by the taxpayer in September 2008, when its savings business was sold to Spain's Santander.

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