BRADFORD BINGLEY BUILDING SOCIETY OFFICE
PIC SHOWS BRADFORD AND BINGLEY IN CAMBRIDGE ON FRIDAY 29TH AUGUST 2008 Bradford Bingley said it had crashed into the red in the first half of 2008 after credit crunch losses and rising bad debts The buy to let specialist made pre tax losses of 26 7 million compared with profits of 180 4 million in the same period last year B B said bad debt charges on its lending had jumped to 74 6 million from just 5 3 million last year as more borrowers struggled to keep up payments The firm also wrote off 155 million on investments hit by the continuing financial turmoil B B added that it was cautious over prospects for the rest of the year as the housing market worsened The results cap a turbulent six months for B B in which the lender has lost its chief executive and unsettled the City with twice rehashed plans to strengthen its finances by raising money from shareholders
Size: 4067px × 5563px
Location: CAMBRIDGE UNITED KINGDOM BRITAIN
Photo credit: © Geoffrey Robinson / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: bingley, bradford, building, business, credit, crunch, debt, finance, financial, housing, institutions, interest, investment, market, money, mortgage, news, office, property, rates, repayments, services, society
