sharp fall in profits for Bradford & Bingley

Lender Bradford & Bingley (B&B) has reported a sharp fall in profits after cutting the value of risky assets following the recent market turmoil.
Pre-tax profit almost halved to £126m in 2007 from £246.7m the year before, after the bank wrote down assets including those tied to US mortgages.

B&B’s shares tumbled in London on the news, sliding 12% to 214.5 pence.

Banks worldwide have been reporting massive losses related to problems in the ailing US housing market

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