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 Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
- 2 Frank Lampard equalises for Manchester City against Chelsea: how Twitter reacted
- 4 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 5 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
350 skinny dippers brave Northumberland seas for record attempt at mass naked swim
Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scotland could still declare independence – even without referendum, says Alex Salmond
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
iJobs Money & Business
Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...
£80 - 100k + Bonus: Guru Careers: A COO / Chief Operating Officer is needed to...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...