The expansion in retail lending, the lower provisions and costs are the main drivers for the return to profitability.

Robust demand for loans in retail and further penetration in the lucrative Balkan markets helped bring about the jump in profit.

The large increase in profitability was due to the bank's strong expansion in retail lending, especially in home loans, where National held on to its top rank.

The return to profit, plus lower contributions to the employees' pension fund thanks to a new law, will definitely help the government sell the bank.

C&W has announced a sharply lower outlook for UK profitability in 2007, underlining our fears about dire performance in this division. There may also be doubts about the dividend cover from here.

I believe that the basic planks of our strategy ... are a good foundation for a return to profitability,