Profits sore for the Rock
The 7th largest bank in Britain and subsequently one of the largest loan lenders in the country has recently announced that is expects profits to sore by almost 18% in 2007.
Northern Rock expects net income to rise to around 435 million this year. The bank has reportedly started the new-year on a high with lending this quarter well above the 1st quarter of 2006. Northern Rock specialise in secured loan lending, which it claims has helped the banks current financial strength.
The banks lending in the first quarter is up almost 35% (£6.8 billion). It is thought that house prices will continue to rise in line with growth of consumer earnings. Market analysts have put a buy rating on Northern stock
