The company has warned that its first-half, pre-tax profits would be below the £135 million it reported in same period of last year.
In a statement, B&B said "the drop in transaction volumes, in both the housing and investment markets" had adversely affected its performance. Nevertheless, the company said that the credit quality in all its mortgage portfolios continued to improve.
"Our business performance has been underpinned by record growth in quality selective lending and increased mortgage broking revenues," said chief executive Christopher Rodrigues. "These have largely offset the impact of a slow housing market and a decline in demand for investment products."
