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BRIEF- Britain's 'bad bank'UKAR reports 33 pct fall in FY underlying pretax profit
July 4, 2017 / 6:20 AM / 5 months ago

BRIEF- Britain's 'bad bank'UKAR reports 33 pct fall in FY underlying pretax profit

July 4 (Reuters) - UK Asset Resolution Limited

* Balance sheet reduced by a further 9 bln stg bringing the total reduction to 81.5 bln stg (70 pct) since formation of UKAR in 2010

* Reflecting the 31 pct reduction in the year’s average balance sheet size, FY underlying profit before tax reduced by 33 pct to 706 mln stg

* Overall, lending balances reduced by 45 pct in the year to 19.5 bln stg

* Net government loan repayments of 3.3 bln stg, bringing total repayments to 23.7 bln stg since UKAR was formed

* Mortgage accounts three or more months in arrears, including possessions, have reduced by 28 pct bringing the total reduction to 88 pct since formation

* Due to the low margin on loans sold to prudential plc, the sale resulted in an accounting loss of 384.7 mln stg Further company coverage:

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