Alliance & Leicester profits rise 12%

UK mortgage lender Alliance & Leicester said pre-tax profit rose 12% to £525m (€781m) in 2003, in line with analysts' forecasts.

For the year the company achieved a record gross mortgage lending of £8.1bn (€12.06m), 27% higher than in 2002.

Net mortgage lending of £2bn (€2.9bn) was up 15% compared to 2002. Unsecured personal loan gross advances grew 36% to £1.9bn (€2.8bn).

In wholesale banking, cash sales to financial institutions rose to £43.2bn (€64.3bn), a 120% increase compared to 2002.

Commercial lending balances increased by £0.7bn to £4.1bn (€6.1bn).

"In 2003 we achieved all of our strategic targets and delivered a strong set of results. We delivered good growth in both our Retail Banking and Wholesale Banking businesses," said chief executive Richard Pym.