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.”

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