Bradford & Bingley, a bailed out bank by the UK government in 2008, reported a loss of £196 million in 2009. The bank said that the yearly loss was mainly attributable to the increased bad debts and losses due to fraud.

The nationalized lender said that it is now all set to deliver a high quality service to its customers. The bank also said that it is eyeing to reduce costs and to minimizing losses in the coming fiscal.

For the year 2009, Bradford & Bingley posted a net loss of £196 million. The loss in 2009 was reported still lower as there was posted a loss of £278 million in 2008. The bank reported a pretax loss of £71 million in recently completed FY 2009 compared to a pretax profit of £134.3 million posted in 2008. The results of FY 2008 were highly impacted by the sale of its retail deposit business to Abbey. This sale provided onetime gain of £216.3 million to the bank last year.

Though the bank posted loss in 2009, it said the results were reported better than anticipated earlier.

In FY 2009, Bradford & Bingley wrote off £884.1 million in soured loans compared to £467.7 million in FY 2008. The bank has made a provision of £388.4 million for fraud and professional negligence charges for 2010.