Bradford and Bingley lookes to its investors for millions to
Bradford and Bingley, the UK's largest mortgage bank has stunned its investors with a £89.4 million charge to cover compensation payments for mis selling endowments and investment products.
The provision was three times as high as City estimates and overshadowed a 9 per cent rise in first half profits to £164.2m. The share price fell 2.97 per cent to 449p. Bradford and Bingley have been refocusing their business and have made staff cuts when it sold its estate agency business and closed down its independent financial adviser business. It has become a more specialist lender for the buy to let and self certification market. Its net lending rose to a record £2.4bn which is a rise from £400m a year ago, it now has a market share of 5 per cent. | 
