Nationwide posts record profit boosted by mortgage lending
UK building society Nationwide has reported a 32% rise in pre-tax profit to GBP336 million, a record profit, for the first half of the year ending September 30, 2006. The impressive result was boosted by a 50% increase in mortgage lending, the company said.
Mortgage lending rose by 50% to GBP5.9 million, up from GBP4 million for the same period the previous year, with overall mortgage sales 17% higher. The growth has been accounted for by high house prices and increased buy-to-let activity, as well as Nationwide retaining more borrowers than other rival companies. The building society, which recently announced plans to merge with lesser rival Portman, also said that its banking business remained buoyant, witht the company claiming over one in 10 of all new current accounts opened in the UK.
Related Insight
Suppliers Directory
Wealth & Assets Management Asset Management Hedge Funds Private Equity Mutual Funds
Intermediaries Prime Brokerages Custody & Clearing ECN & Exchanges
Technology Banking Technology Security Tech Outsourcing & BPO
Policies & Regulatory Compliance Risk Management
Intelligence
Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125
Comments may be moderated for spam, obscenities or defamation.