Nationalised UK banks return to profit

The state-owned UK company that runs nationalised Northern Rock Asset Management and Bradford & Bingley today said both companies returned to profit last year.

UK Asset Resolution said Northern Rock Asset management - spun-off from the so-called "good" part of nationalised Northern Rock last year - made underlying profits of £277.4m (315.7m) in 2010, compared with a £313.4m (€356.7m) loss the year before.