London Scottish Bank warns on profits.(Financial report)
Investors Chronicle - magazine and web content, January, 2008
New banking regulations leave LSB GBP13m short of regulatory capital Jonas Crosland
Sub-prime lender London Scottish Bank (LSB) has warned that profits will be hurt by an additional GBP22m of provisions at its unsecured consumer credit division. The lender has also been advised by the Financial Securities Authority that under Basel II requirements, it will have to hold extra regulatory capital of around GBP13m.
The need to increase LSB's capital requirement highlights once again the much tougher conditions for lenders to raise funding. The shares
fell sharply on the announcement and, at 63p, are fairly priced.
FairlyPriced
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