 Low interest rates have seen lending soar, A&L says |
Mortgage bank Alliance & Leicester has revealed it is on course to hit its target of double-digit earnings growth. A&L stuck by annual profit forecasts of �491-530m, up from �468.3m last year, posting like-for-like revenue growth of 5.8% in the nine months to September.
The bank also said it expected to reveal annual cost-savings of �50m.
It added it had benefited from the recent mortgage boom as interest rates hit record lows, with lending rising 22% to �5.6bn.
But the firm added that the improvements had largely been achieved through better marketing tactics, rather than changes to its lending criteria.
In July, the bank revealed profits for the first six months of the year had increased 12% to �262m - which was at the top of analysts' forecasts.
However, by around 0950GMT shares in A&L had fallen 2.5% to 872.5p.
One-Minute World News 
News services
E-mail this to a friend 
Printable version 
