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UK bank A&L profit wiped out by 209 mln stg hit
LONDON - British bank Alliance & Leicester, which is being taken over by Spain's Santander, said first-half profits were almost wiped out due to a 209 million pound hit to the value of risky assets and higher funding costs.
A&L, Britain's seventh-biggest listed bank, on Friday said it made a pretax profit for the six months to the end of June of 2 million pounds ($4 million), down from 290 million a year before. The result was in line with analysts' expectations.
A&L last month agreed to a 1.3 billion pound takeover by Santander and said it expects the deal to complete in or around October.
The deal offers greater stability and certainty at a time of ‘significant external risks’ due to a worsening economy and turmoil in financial markets, it said.
A&L said the value of certain treasury investments fell by 66 million pounds in the first half and the impairment of other assets cost 143 million. It had warned in May it would take a 192 million pound hit.
The bank said strategic funding had cost it 70 million pounds in the first half.
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