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.







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Source: Alliance News


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