IN BRIEF: Abbey shrugs off mortgage loss

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The Independent Online
Abbey shrugs off mortgage loss

Abbey National raised interim pre-tax profits 14 per cent to pounds 423m despite losing mortgage market share. Abbey's buoyant life assurance sales bucked the trend, contributing an 11 per cent increase in profits for the six months to 30 June 1995. It raised the half-year dividend by 27 per cent to 7.25p. Abbey held costs down and operating profit before tax and provisions rose 10 per cent. The bank said First National Finance Corporation would contribute up to pounds 30m a year in profits.

Investment Column, page 16