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Barclays mortgage lending up
The first of the big banks to announce their results, Barclays has announced that its mortgage accounts increased by 8,000 in the first six months of 2009.
Its mortgage accounts increased to 824,000 (31st December 2008: 816,000); and average mortgage balances grew by 13%, reflecting positive net lending. Mortgage balances were £84.4 billion at the end of the period (31st December 2008: £82.3 billion), a market share of 7% (2008: 7%). Gross advances reduced to £6.0 billion (2008: £12.7 billion) reflecting a continued conservative approach to lending, with redemptions of £3.8 billion (2008: £5.6 billion). Net new mortgage lending was £2.2 billion (2008: £7.1 billion), in a market of £1.1 billion (2008: £26.3 billion). The average loan to value ratio of the mortgage book (including buy-to-let) on a current valuation basis was 44% (2008: 40%). The average loan to value ratio of new mortgage lending was 46% (2008: 47%). The assets margin increased to 1.43% (2008: 1.09%) reflecting increased returns from mortgages and consumer loans.
In total, Barclays announced pretax profits of £2.98 billion for the first half of the year; this was up 8% on the £2.75 billion it made in the first six months of 2008.
