Northern Rock Asset Management, the so-called "bad bank", posted net pre-tax profit of £350m whereas "good bank", Northern Rock plc suffered loss of £140m for its first six months as an independent company.
The good bank suffered losses as depositors withdraw the retail deposits after the expiry of state government's guarantee offered to depositors in May.
The bank lost £2bn out of its total £19bn in deposits.
The reason for the downfall was also due to shutdown of its offshore savings operation in Guernsey.
Despite incurring loss, the bank is looking forward to expend its product range.
Besides mortgages and savings, bank is also planning to add personal loans and credit cards in its product portfolio.
Northern Rock, before splitting up, posted profit of £466.7m in the last six months of the previous year.
Northern Rock Asset Management has incurred profit as compared to loss of £742m in first half of previous year, due to fall in bad debts in the banking industry.
The number of properties in possession has declined from 2061 in 2009 to 1,846 and the impairment charge against bad loans has fallen to £277m.
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