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Co-op profits fell by £26m last year

Co-operative Bank saw a £26m decline in its operating profits last year after being forced to write down £31.8m worth of investments. The bank’s results for 2007 show pre-tax profits dropped to £50.4m from £76.3m in 2006. Excluding write-downs, the bank’s profits increased from £76.3m in 2006 to £82.2m last year. The bank is part of Co-operative Group’s financial services arm which saw a rise in pre-tax profits to £155.4m from £146.2m in 2006.

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Paragon staff down by 30%

Paragon Group last week confirmed that it has reduced its staff by a third.This follows the transfer of new business processing from its intermediary-focussed buy-to-let arm Mortgage Trust from Epsom to Solihull.The news comes despite Paragon’s buy-to-let index showing that the private rented sector remains strong, with average rents peaking at £11,886 in February, up […]

Learn more about bridging finance

Specialist lender Tiuta is to host a bridging finance training seminar for brokers on April 9.It will explore the use of bridging loans as a funding option, the loan application process and issues surrounding compliance.Gary Booth, director at Tiuta, says: “Bridging loans are often used as a last resort so not enough time is spent […]

Identity crisis

More from Bettelley’s bash, a night when the booze flowed faster than lenders repricing their deals. Jonathan Cornell got a welcome that was warm and slightly confused.

Who cares?

By Tracey Dickson, marketing consultant There are almost 7 million carers in the UK – that’s around 10 per cent of the population who provide unpaid care for a disabled, seriously ill or older loved one.1 But according to a report from the charity Carers UK, 20 per cent of people providing 50 hours or more of care […]

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