Nationwide profits hit by low interest rate environment

Nationwide profits hit by low interest rate environment
 

Nationwide has reported a drop in half-year profits as low interest rates squeezed profit margins.
Profits at the UK's biggest building society fell to £696m for the six months to 30 September, down from £802m a year earlier.
But it said net mortgage lending was its "best ever", rising by 46% to £6bn.
The mutual organisation also said its current account had attracted record numbers, with 377,000 people opening an account in the period, a jump of 36%.
Nationwide chief executive Joe Garner said: "We have taken the conscious decision to stand by our members, continuing to help... read more

 
18 November 2016 in Business, Views: 43
Source: BBC
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