Northern Rock has declared an underlying loss to the tune of 269.6 million pounds for the period ending June 30, 2009. This compares with a lost of 443.3 million that they had lost for the first half of 2008. The company doesn’t think that number will change much when it rolls around to the end of the year if much change at all.

Part of the loss was the rebate of charges incurred for State funding, albeit the help that they received from the federal government.

Their record for lending for mortgage lending and other loans was quite substantial, where their record for gross residential lending as 1.3-billion pounds to the general public through June of 2009. The overall expected lending for the year is forecast to be near 4-billion pounds rather than the 5-billion that they had projected.

Deposits were quite respectable, with the amount of 18.4-billion pounds at the end of the half year however this is somewhat lower than the 19.6-billion pounds that it had during the beginning of the new year.

Gary Hoffman, Chief Executive Officer said this about the company, "The current environment continues to be challenging, however, against this backdrop Northern Rock is making progress against its revised plan and has delivered results in line with expectations. We anticipate receiving State aid approval in the autumn and the legal and capital restructuring of the Company to be completed by the end of the year. This ultimately prepares for a return to the private sector."

The company is splitting itself up into two companies. One handling deposits and new loans and the other will handle existing loans as well as paying back the money that it owes to the government for loans that it received.