Northern Rock stays on target

The mortgage bank remains on course to produce growth of 15-25% despite the rise in interest rates. It considers conditions in the UK economy to be benign.

Morningstar.co.uk Editors 2 October, 2006 | 8:51AM

Chief executive Adam Applegarth says Northern Rock's strong lending performance has continued in the second half of the year, with all three lending arms - secured residential, secured commercial and personal unsecured - performing in line with expectations.

Loans secured on residential property represent 90% of total lending.

Apprlegarth says: ‘As the mortgage market remains strong and as our retention performance continues to gain strength, we can achieve our targeted growth with only modest increases in gross residential market share.’

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