Profits up at taxpayer-owned UKAR

Profits have risen at UK Asset Resolution, the company set up by the Treasury to take on the unwanted mortgage book from Northern Rock and Bradford & Bingley.

ITV News Business Editor Joel Hills is following developments.

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Bad bank doing rather well. UKAR (N Rock + B&B's unwanted mortgage book) posts profit of £1,259m for year to 31 March 2014, up £186m.

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The total number of NR and B&B mortgage accounts three or more months in arrears fell 39% to 15,483 in last 12 months.

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93% of UKAR's 529,000 mortgage accounts up-to-date with payments. Thanks to "more positive housing market and improving economic outlook".

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Profits rise at treasury-owned 'bad bank' UKAR

Profits have risen at UKAR, the Treasury-owned organisation set up to take on the unwanted mortgage book from Northern Rock and Bradford and Bingley, by £186m, according to figures released today.