Northern Rock Q1 sees profits grow 13%

UK mortgage bank Northern Rock said it is comfortable with the market consensus for 2004 pre-tax profits of around £430m (€645.6m), representing underlying growth of 13%.

In its first-quarter trading update, the group said it is starting the second quarter with a pipeline of agreed lending business of over £4.6bn (€6.9bn), which is 20% higher than at the start of the year.