British bank Northern Rock has reported underlying losses of £140m (€170m) for the first six months of the year.
In the company's results today, it says its performance is line with expectations and significantly uses the term ‘safe’ to describe its savings business.
It had to be nationalised to prevent it from going under but it is expected that the British government will be ready to sell it in the near future.
The bank's management say they are preparing for a return to private ownership when conditions are right to do so.
Northern Rock PLC is considered the ‘good bank’ after the company was split into two at the start of the year. Northern Rock Asset Management is the other one.
This is the first set of results released since the split.
Separate figures for Northern Rock AM, which houses the former bank's more toxic loans, showed a return to profit and further falls in bad debts.
Northern Rock AM reported underlying pre-tax profits of £167.3m in the six months to June 30 compared with a loss of £243.9m a year earlier.
The group still owes £22.5 billion to the taxpayer after Northern Rock's 2008 bail-out, having repaid only £300m in the half-year.
