UK
bank Bradford & Bingley (B&B) has revealed that it made a £26.7 million loss in the first half of 2008.
The troubled lender has announced that it has been hit by a rise in both mortgage arrears and fraud over the time period.
B&B's chairman, Rod Kent, told the Guardian that despite the loss, against a £180.4 million profit last year, the
bank's underlying profit was at £70.2 million, which he claimed showed it remained a "robust business".
"In the light of the turbulence in the
banking and housing sectors, the first six months of this year have been very challenging for B&B," added Mr Kent.
"The Board's priority has been to ensure that we can continue to fund our business safely and we have achieved this."
Britain's second-largest bank, the Royal
Bank of Scotland, recently announced that it had appointed Stephen Hester, Arthur Ryan and John McFarland as non-investment directors, the Telegraph reported.
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