Banks repay £1.1 billion
Northern Rock Asset Management and Bradford & Bingley made a combined profit of £477.5 million last year and repaid £1.1 billion of loans from the government.
In 2009, the one time giant mortgage lenders, made huge losses of around £480 million.  But, after a number of bad debt write-downs and significant cost cutting measures they have returned to profit.
Both businesses are run by the same management company (UK Asset Resolution) but remain separate entities. They do not offer new mortgages but with 850,000 customers they are the fifth largest mortgage provider in the country.
UKAR's task is to run down the £110 billion loan book and eventually repay the taxpayers in full for the bailout during the financial crisis.
April 1, 2011
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
