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Alliance & Leicester writes off another £190m

Created:
13 May 2008
Written by:
Jonas Crosland

Alliance & Leicester has unveiled a further £192m of write downs for the first four months of the year, coming on top of £185m of impairment losses sustained last year.

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On the lending side, credit quality remains good, with arrears at just 0.57 per cent of the mortgage book, compared with an industry average of 1.34 per cent. Lending in the first four months fell £1.5bn to £41.2bn compared with the last four months of 2007.

SHARE TIP UPDATE:

Sell

Margins are expected to fall this year from 1.17 per cent to 1 per cent, with little sign of the wholesale funding market returning to normal. At 460p, the shares are off 12 per cent since our sell advice (), which we retain. Sell.

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