A&L expects to exceed forecast

Alliance & Leicester says its performance in 2005 is expected to see it finishing ahead of forecasts of 506m operating profit.

This year, A&L has continued to focus on the prime core residential mortgage market and during the first nine months of 2005 gross lending was 7bn. The lender had a market share of 3.5% with an average LTV of 60% and around 5% of new lending with an LTV over 90%. Its net mortgage lending is 3bn which represents a market share of 4%. This improves on A&L’s 2004 full year results, when net lending amounted to 2.5bn.