From The BBC:
Bradford & Bingley (B&B), a buy-to-let loans specialist, has reported a loss for the six months to 30 June, with impairment charges up sharply.
B&B reported a loss of £26.7m for the period, against a £180.4m profit last year, and said it remained “cautious”.
Credit impairment charges for the six months rose to £74.6m, up from £5.3m in the same period last year.
B&B recently completed a £400m share rights issue in order to improve its balance sheet.
B&B’s shares closed down more than 2% at 49 pence.
Access to credit
“As a focused business within a sector that is currently going through a cyclical downturn, Bradford & Bingley has experienced a particularly challenging first half,” said the lender.
“We have witnessed unprecedented financial dislocation, with wholesale medium-term funding markets being difficult to access since last summer”.
B&B’s rights issue had to be restructured twice after initially failing to attract sufficient interest.
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