Menu
21/02/2002
Abbey National report fall in pre-tax profits for 2001
In line with analysts' expectations Abbey National has reported a two per cent fall in pre-tax profits to £1.94 billion for 2001.
The company's profits were hit by a £256 million write-off in its business banking unit, due in part to Abbey National's previously announced £115 million exposure to the failed US energy trading giant Enron.
Abbey National narrowly escaped an acquisition attempt by Lloyds TSB last year.
Mark Pain, the bank's new managing director of wholesale banking, said that the performance had been "resilient", with record levels of mortgage lending and retail savings.
However, looking ahead, analysts are anticipating that weak economic growth coupled with low inflation was likely to make times increasingly difficult for the banking sector.
(MB)
The company's profits were hit by a £256 million write-off in its business banking unit, due in part to Abbey National's previously announced £115 million exposure to the failed US energy trading giant Enron.
Abbey National narrowly escaped an acquisition attempt by Lloyds TSB last year.
Mark Pain, the bank's new managing director of wholesale banking, said that the performance had been "resilient", with record levels of mortgage lending and retail savings.
However, looking ahead, analysts are anticipating that weak economic growth coupled with low inflation was likely to make times increasingly difficult for the banking sector.
(MB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
10 June 2002
Abbey National issue profit warning
Abbey National has warned that its profits will be considerably lower than expected this year because it has begun writing off debts in its wholesale banking division, which deals with loans to companies.
Abbey National issue profit warning
Abbey National has warned that its profits will be considerably lower than expected this year because it has begun writing off debts in its wholesale banking division, which deals with loans to companies.
25 July 2001
Takeover rumours grow as Abbey National’s profits rise
UK mortgage bank, Abbey National says it is open to offers after it reported a 15 per cent rise in profits to more than £1 billion for the first six months of this year.
Takeover rumours grow as Abbey National’s profits rise
UK mortgage bank, Abbey National says it is open to offers after it reported a 15 per cent rise in profits to more than £1 billion for the first six months of this year.
11 July 2001
GOVERNMENT BLOCKS LLOYDS TSB MERGER
THE Government has blocked Lloyds TSB’s £18.2bn takeover bid for rival Abbey National, saying that the merger would be against the public interest.
GOVERNMENT BLOCKS LLOYDS TSB MERGER
THE Government has blocked Lloyds TSB’s £18.2bn takeover bid for rival Abbey National, saying that the merger would be against the public interest.
24 January 2012
Businesses Enter Ulster Bank Awards
Businesses have come out in force to highlight their good work in this year's Ulster Bank Business Achievers Awards. Almost 400 entries have been received for the prestigious scheme, with strong entry levels in categories such as 'International Business'; 'Best Business Start-Up'; and 'Innovation and Emerging Technology'.
Businesses Enter Ulster Bank Awards
Businesses have come out in force to highlight their good work in this year's Ulster Bank Business Achievers Awards. Almost 400 entries have been received for the prestigious scheme, with strong entry levels in categories such as 'International Business'; 'Best Business Start-Up'; and 'Innovation and Emerging Technology'.
07 October 2011
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
Bank Of England Bolsters Economy
The UK's central banking organisation, the Bank of England is to inject a further £75bn into the economy through a process known as quantitative easing (QE).
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
