British mortgage bank Northern Rock said pre-tax profit on a like-for-like basis rose 14.1 per cent to £200.3 million sterling in the six months to June 30th.
It said underlying income rose 9 per cent to £340.4 million and that assets under management rose 9.9 per cent.
The pre-tax profit failed to meet the expectations of Deutsche Bank and Cazenove, who had pencilled in £205 million and £206 million respectively.
"The house purchase market should continue to slow but remortgage activity will remain buoyant," said chief executive Mr Adam Applegarth.
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Gross residential lending was up 22.5 per cent at £8.512 billion, and net residential lending was up 14.9 per cent at £4.367 billion.
AFP