UK Asset Resolution increased profit before tax by 10%

UK Asset Resolution increased profit before tax by 10% to £529m in the six months ending June 30, 2013

UK Asset Resolution Chief Executive Richard Banks
UK Asset Resolution Chief Executive Richard Banks

UK Asset Resolution - the group that manages the so-called "bad bank" assets of state-owned Northern Rock and Bradford & Bingley - increased profit before tax by 10% to £529m in the six months ending June 30, 2013.

The company also made payments of £1.9bn to taxpayers, including £1.3m of loan repayments, during the same period, new half-year results show.

Chief executive Richard Banks said good progress had been made.

The continued reduction in arrears due to the "dedication and professionalism" of staff pro-actively working with customers was also "pleasing to see", he added.

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