Embattled UK bank Northern Rock announced a £585.4 million (A$1.249 billion) loss overnight for the six months to June this year.
Profit after tax for the lender in the first half of 2007 was £188 million (A$400.9 million).
These were the first financial results since the bank was nationalised earlier this year, after near collapse due to the sub-prime crisis.
Ron Sandler, executive chairman, said significant progress had been made by Northern Rock since its restructuring plan in March. He also disclosed that the lender was well ahead in repaying its debts to the Bank of England.
Northern Rock to be nationalised; 18-02-08
The financial services ombudsman has changed its rules after the ...
One in two borrowers does not believe banks always have their bes...
Here’s the weekly round-up of the biggest news stories from acr...