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22/02/2002
Alliance & Leicester reveal lower profits for 2001
The Alliance & Leicester has unveiled lower profits, blaming higher investment costs.
The UK banking group revealed on Friday February 22 that pre-tax profits for 2001 fell to £396 million, down from £447 million in the previous year.
The company said the dip in profits reflected increased investment over the course of the year, including a £13 million revamp of the company's small business banking division.
Total revenues grew by just over five per cent during the final three months of the year compared with the same period one year earlier, up from 3.5 per cent during the July to September period.
The number of small businesses which opened accounts with the group grew by 27 per cent.
Strong growth in mortgage lending activity was also reported, with gross lending rising to a record £6.1 billion, representing nearly four per cent of the UK market.
(MB)
The UK banking group revealed on Friday February 22 that pre-tax profits for 2001 fell to £396 million, down from £447 million in the previous year.
The company said the dip in profits reflected increased investment over the course of the year, including a £13 million revamp of the company's small business banking division.
Total revenues grew by just over five per cent during the final three months of the year compared with the same period one year earlier, up from 3.5 per cent during the July to September period.
The number of small businesses which opened accounts with the group grew by 27 per cent.
Strong growth in mortgage lending activity was also reported, with gross lending rising to a record £6.1 billion, representing nearly four per cent of the UK market.
(MB)
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