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Nationwide profits rise strongly | Nationwide profits rise strongly |
(40 minutes later) | |
Britain's largest building society, Nationwide, has reported a rise in profits but said conditions will remain difficult until the eurozone crisis is resolved. | Britain's largest building society, Nationwide, has reported a rise in profits but said conditions will remain difficult until the eurozone crisis is resolved. |
href="http://www.nationwide.co.uk/pdf/about_nationwide/halfyearlyaccounts2011.pdf" >Underlying pre-tax profits in the six months to the end of September rose 17% compared with a year earlier, to £172m. | |
Nationwide said that it wrote off £144m in bad loans, which is 20% less than a year ago. | Nationwide said that it wrote off £144m in bad loans, which is 20% less than a year ago. |
The firm saw a rise in repossessions, notably in Northern Ireland. | |
"Despite the uncertainties, I am confident that we can continue to invest in the business, deliver more products and services to more customers," said chief executive Graham Beale. | "Despite the uncertainties, I am confident that we can continue to invest in the business, deliver more products and services to more customers," said chief executive Graham Beale. |
Nationwide, which specialises in mortgages and savings accounts, blamed low interest rates for posing challenges for savers whilst boosting the mortgage market. | Nationwide, which specialises in mortgages and savings accounts, blamed low interest rates for posing challenges for savers whilst boosting the mortgage market. |
"It is particularly pleasing to see a 48% increase in our gross mortgage lending of £8.9bn," said Mr Beale. | |
Meanwhile, the building society saw a three-and-a-half-fold jump in the rate of cash deposited in its savings accounts, making it the country's second largest savings provider. | |
The lender said that it does not expect interest rates to rise until 2013. | The lender said that it does not expect interest rates to rise until 2013. |
The building society lent 3% more to first-time buyers in the first half of the year than last year, to 10,000 separate borrowers. | The building society lent 3% more to first-time buyers in the first half of the year than last year, to 10,000 separate borrowers. |
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