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A&L earnings blow; In association with Chadwick Lawrence.

Byline: HENRYK ZIENTEK

ALLIANCE & Leicester today said the credit crunch turmoil had almost completely wiped out profits in the first six months of the year.

The bank, which has agreed a pounds 1.26bn sale to Abbey's Spanish banking parent Santander, reported interim pre-tax profits of pounds 2m against pounds 290m last time.

A&L said it took a pounds 398m knock from the credit squeeze in the first half - but this was only slightly up on the figure reported in May and only pounds 209m of it hit A&L's bottom line.

Underlying core operating profits excluding credit crunch write-downs and - funding costs rose by 2% to pounds 301m.
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Title Annotation:Business
Publication:Huddersfield Daily Examiner (Huddersfield, England)
Date:Aug 1, 2008
Words:110
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