Summary
NATIONWIDE, the country's biggest building society, delivered record profits yesterday after eating further into areas once dominated by the high street banks. The UK's fourth largest mortgage lender notched up a 9 per cent rise in pre-tax profits to GBP 559.2 million for the year to 4 April, boosted by its growing presence in the market for current accounts and credit cards.
While mortgage lending was down again, its move towards what it called "quality" mortgage business appeared to be paying off with arrears levels bucking a national trend. Philip Williamson, chief executive, called it an "outstandingly successful" 12 months, as fears of a housing market crash tailed off in the latter part of 2005.See the full content of this document
Extract
Nationwide Posts Record Results
"Last year we said we planned to do less mortgage b...
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