A&L issues pre-close statement

Alliance & Leicester has issued its pre-close statement today updating the City on its performance for the year so far.

The mortgages results up to September 2005 show it has continued to focus on the prime core residential mortgage market. During the first nine months of 2005 gross lending was 7.1bn, a market share of 3.5%, with an average LTV ratio of 60% and around 5% of new lending having an LTV over 90%.

Net mortgage lending is 2.8bn, which is a market share of 4.1%, up from 2.5bn of net lending and a market share of 3.0% in 2004.

Its overall performance to date in 2005 is expected to lead to the Group being ahead of the current consensus of market forecasts of 506m for core operating profit for the full year.