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21/02/2002
Abbey National report fall in pre-tax profits for 2001
In line with analysts' expectations Abbey National has reported a two per cent fall in pre-tax profits to £1.94 billion for 2001.
The company's profits were hit by a £256 million write-off in its business banking unit, due in part to Abbey National's previously announced £115 million exposure to the failed US energy trading giant Enron.
Abbey National narrowly escaped an acquisition attempt by Lloyds TSB last year.
Mark Pain, the bank's new managing director of wholesale banking, said that the performance had been "resilient", with record levels of mortgage lending and retail savings.
However, looking ahead, analysts are anticipating that weak economic growth coupled with low inflation was likely to make times increasingly difficult for the banking sector.
(MB)
The company's profits were hit by a £256 million write-off in its business banking unit, due in part to Abbey National's previously announced £115 million exposure to the failed US energy trading giant Enron.
Abbey National narrowly escaped an acquisition attempt by Lloyds TSB last year.
Mark Pain, the bank's new managing director of wholesale banking, said that the performance had been "resilient", with record levels of mortgage lending and retail savings.
However, looking ahead, analysts are anticipating that weak economic growth coupled with low inflation was likely to make times increasingly difficult for the banking sector.
(MB)
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