News Column

Nationwide First Quarter Pretax Profit More Than Doubles

August 18, 2014

Samuel Agini

LONDON (Alliance News) - Nationwide Building Society Monday said that its fiscal first quarter pretax profit more than doubled, which helped the lender to strengthen its capital position and improve its leverage ratio.

In a statement, the building society said it made a GBP253.0 million pretax profit in the period between April 5 and June 30, compared with GBP105.0 million in the corresponding period last year.

The performance helped Nationwide to increase its common equity tier 1 ratio to 16.3%, from 14.5%, and its leverage ratio to 3.7%, from 3.4%, over the course of the quarter.

Nationwide also said its market share of main and standard packaged current accounts increased to 6.4%, from 6.2%, over the quarter. It opened more than 110,000 new current accounts during the period, and was a net beneficiary of new rules encouraging switching as it gained 10% of gross switchers.

However, Nationwide's mortgage business saw a reduction in gross lending, to GBP5.8 billion from GBP6.4 billion in the corresponding period last year. Net lending fell to GBP1.7 billion, from GBP2.6 billion.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Alliance News

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters