Stupid is as stupid does

Norwich & Peterborough has unveiled group pre-tax profits for 2007 of £24.3m, up 20.3% on the previous year.
Total mortgage assets were up 12.9% on 2006 to £3.2bn and new mortgage advances were £974m.

At the end of the year N&P had eight properties w…

Norwich & Peterborough has unveiled group pre-tax profits for 2007 of £24.3m, up 20.3% on the previous year.
Total mortgage assets were up 12.9% on 2006 to £3.2bn and new mortgage advances were £974m.

At the end of the year N&P had eight properties were in possession and 186 mortgage accounts were more than three months in arrears.

Retail savings balances grew by 19.4% to £2.8bn and the building society had £1bn of liquidity at the year-end, equivalent to 23.5% of total assets.

Overall customer numbers increased by 5.8%.

Matthew Bullock, chief executive of N&P, says: “2007 will be remembered for turning into an exceptionally turbulent year in financial markets.

“Despite this, it was our strongest performance yet, following a vintage year in 2006, which we then believed marked a high point.”

He adds: “In part our success in 2007 was due to our using our Basel ll lending approach to target our mortgage lending precisely to avoid problems and poor returns.”

N&P says it expects 2008 to be a challenging year, with a slowing mortgage and housing market reduced economic growth.