The latest annual results from Alliance & Leicester have revealed a drop in unsecured loans.
Unsecured personal loan gross advances were 565m in the first quarter of 2006 compared to 890m in the same period last year. However, the bank says unsecured loan balances remained stable compared to the end of 2005 at 3.5bn. Sales of its new secured loan product are not expected to make a material contribution in the first half of 2006.
It has continued to focus on the prime residential mortgage market.
A spokesman says: “Our gross lending in the first quarter of 2006 was 3.2bn, a market share of 4.3%, and net lending was 1.4bn, a market share of 6.3%.”
d to over 5.8bn at the end of March 2006 (December 2005: 5.5bn).”