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Society reports profits up by 50% Society reports profits up by 50%
(30 minutes later)
Operating profits at Wales' largest building society have risen by more than 50%.Operating profits at Wales' largest building society have risen by more than 50%.
The Principality, which celebrates its 150th anniversary this year, announced a profit of more than £14m.The Principality, which celebrates its 150th anniversary this year, announced a profit of more than £14m.
Chief executive Peter Griffiths said he was cautiously optimistic about the future of the society, but fairly pessimistic about the economy.Chief executive Peter Griffiths said he was cautiously optimistic about the future of the society, but fairly pessimistic about the economy.
The group, which also owns Peter Alan estate agents, does not expect house prices to change much in 2010.The group, which also owns Peter Alan estate agents, does not expect house prices to change much in 2010.
The Principality reported an increase in retail savings balances and said it had recruited more than 67,000 new members.The Principality reported an increase in retail savings balances and said it had recruited more than 67,000 new members.
The Peter Alan estate agency returned to profit in 2009, said the group, and sales volumes were ahead of plan.The Peter Alan estate agency returned to profit in 2009, said the group, and sales volumes were ahead of plan.
Economic recovery has been slow and will continue to be so Peter Griffiths, Principality chief executive
The estate agency was boosted by moves into lettings and property auctions across Wales.The estate agency was boosted by moves into lettings and property auctions across Wales.
Arrears across the group were at lower than anticipated levels and the society has just 48 properties in possession, it said.Arrears across the group were at lower than anticipated levels and the society has just 48 properties in possession, it said.
The society said it would continue to work with borrowers experiencing difficulties and would do all it could to keep people in their homes in difficult times.The society said it would continue to work with borrowers experiencing difficulties and would do all it could to keep people in their homes in difficult times.
'Testing times''Testing times'
It said last year was a period of consolidation for the Principality - now the seventh largest mutual in the UK.It said last year was a period of consolidation for the Principality - now the seventh largest mutual in the UK.
The year before had seen staffing levels reduced by nearly a fifth. That stabilised in 2009. Overall lending was slightly down and it returned operating profits of £14.3m.The year before had seen staffing levels reduced by nearly a fifth. That stabilised in 2009. Overall lending was slightly down and it returned operating profits of £14.3m.
But Mr Griffiths said the climate for savers would be difficult in the year ahead with interest rates remaining low for some time yet.But Mr Griffiths said the climate for savers would be difficult in the year ahead with interest rates remaining low for some time yet.
Mr Griffiths said he was optimistic for the business but pessimistic for the economy.Mr Griffiths said he was optimistic for the business but pessimistic for the economy.
"Economic recovery has been slow and will continue to be so."Economic recovery has been slow and will continue to be so.
"These remain the most testing of times and whilst we do not underestimate the challenges ahead, with our members interests at heart Principality faces the future with cautious optimism.""These remain the most testing of times and whilst we do not underestimate the challenges ahead, with our members interests at heart Principality faces the future with cautious optimism."
On the property market, he said he guessed there might be "pockets" where prices dip or rise but forecast overall they would remain stable.On the property market, he said he guessed there might be "pockets" where prices dip or rise but forecast overall they would remain stable.
He said sadly more repossessed stock might come onto the market.He said sadly more repossessed stock might come onto the market.
"Peter Alan traded well ahead of expectations," he said."Peter Alan traded well ahead of expectations," he said.
"We anticipated a very testing year, more stock became available, market activity improved, customer confidence came back a little bit and we hope we can continue that in 2010.""We anticipated a very testing year, more stock became available, market activity improved, customer confidence came back a little bit and we hope we can continue that in 2010."