UKAR payments to taxpayers reach £3.8billion

UKAR, which includes Yorkshire’s Bradford and Bingley, and Northern Rock of Newcastle has reported £3.8 billion repayments to the taxpayer, including £3.1 billion loan repayments.

Highlights reported include that mortgage accounts three or more months in arrears, including possessions, have reduced overall by 26% this year to 18,993, underlying profit before tax of £856m for the first nine months was 15% higher than the comparable period in 2012.

The group also managed to complete the £400m sale of the previously announced NRAM standalone unsecured personal loan book.

Richard Banks, UKAR Chief Executive, commented: “UKAR has continued to make good progress in the past three months, with payments to taxpayers in the first nine months of 2013 now totalling £3.8bn.”

“It is also pleasing to see the continued reduction in arrears due to the dedication and professionalism of colleagues proactively working with our customers to help them achieve the right outcomes.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →