Profits at Cheltenham & Gloucester up 70%
Thursday 29 July 1993
In the first half of last year the society, the sixth largest in the country, made a pre-tax profit of pounds 44.1m after an unusually high bad debt provision of pounds 98.5m.
Much of this related to loans inherited from societies Cheltenham & Gloucester had taken over. Some of these had much higher levels of arrears than C&G.
Andrew Longhurst, chief executive, said this year's first-half result was more typical of C&G's performance.
However, he did not expect the society to top the league table of building society performance due to be published by UBS next week. The society has led the table, which measures profits, expense ratios and a number of other performance factors, for each of the past three years.
C&G recently started its first corporate advertising campaign, raising questions about whether it might be planning to convert itself into a public company. Mr Longhurst denied this was on the agenda.
Three or four years ago he had been concerned about restrictions on building societies' ability to raise wholesale funds, he said. With funding needs lower now, this was no longer a pressing problem.
C&G increased assets by 2.5 per cent to pounds 16.5bn in the first half and gross mortgage lending rose 4.6 per cent to pounds 1.1bn. This reflected the success of fixed-rate loans.
- 1 The political parties aren't all the same – which means 2015 will be a 'big-choice' election
- 2 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
New York police shooting: thousands turn out for the funeral of Rafael Ramos
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...