Northern Rock has met its first quarter targets and appears to be on its way to achieving its annual target of 20 per cent growth in assets and 15 per cent growth in profits.
The bank enters the second quarter with a total agreed business of £5 billion, recording a seven per cent increase from last year.
"Our strong operating performance in the first quarter demonstrates the strength of our business model and our ability to deliver,' chief executive Adam Applegarth said in a statement.
The lender added that it was "comfortable" with estimates by research analysts for pre-tax profits of £475 million for 2005- a growth of ten per cent.
Northern Rock, the UK's eight largest bank, said that low operating costs have helped the bank in dealing with the slow down in the banking sector.
Northern Rock meets first quarter targets
Financial Services
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Northern Rock meets first quarter targets
Mon, 04 Apr 2005
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