UPDATE 1-Nationwide first-quarter profit more than doubles Mon, 18th Aug 2014 07:44 (Adds detail, background)
LONDON, Aug 18 (Reuters) - Nationwide Building Society , Britain's biggest customer-owned lender, more than doubled its first-quarter profit, it said on Monday.
Underlying profit of 263 million pounds ($440 million) in the three months to June 30 was up 117 percent against the same period last year.
The mutual society said its share of current accounts rose slightly to 6.4 percent from 6.2 percent, while member deposits increased by 1.5 billion pounds to 132 billion pounds.
Gross mortgage lending fell to 5.8 billion pounds from 6.4 billion pounds a year earlier.
Nationwide is seeking to challenge the dominance of Britain's five biggest banks, wooing customers disillusioned by scandals including the mis-selling of loan insurance and the rigging of benchmark interest rates.
However, the big five of Lloyds Banking Group, Royal Bank of Scotland, Barclays, HSBC and Santander UK continue to control about 80 percent of the market for personal current accounts.
Was going to cut a little grass this morning but I think it will be too wet
Oleg was looking for his blue crayon a little earlier, he said he needed it for today and mentioned Lloyds in a squeakt voice and I think he said 74.5p but I could have been mistaken, but I dont think so
House sellers' asking prices fell steeply by 2.9% month-on-month to £262,401 typically in August as the mood of the market grows calmer in London in particular, website Rightmove has reported. The dip as sellers adopt a "summer sales" attitude is the largest for the month of August that Rightmove has on its records, which go back more than a decade. - The Daily Mail
Confidence in the UK economy has dropped for the second month in a row as downbeat economic news starts to dampen spirits, a report on Monday showed.
Optimism about Britain's overall economic health fell to 274 points from May's high of 285 points, with feelings in northern England tending to be the least positive, according to the Lloyds Bank Spending Power Report for July.
After a tide of positive economic news, recent data has been more downbeat, with house prices cooling, the strong pound hammering exports and Britain's trade gap widening to a five-month high in June.
Figures last week also showed that while joblessness is falling, weak wage rises and productivity are continuing to act as a brake on economic growth.
However, overall sentiment towards the UK economic situation was still 33 points higher than this time last year, Lloyds said.
The report also showed that overall consumer confidence rose again, following last month's pause for breath, as consumers felt they had more money in their pockets after paying bills.
Lloyds said overall essential spending fell in July by about 0.5% on a year ago, the first decrease in the history of the Spending Power Report. This was driven by further falls in gas and electricity, food and drink and fuel.
Lloyds Bank chief economist Patrick Foley said: "July's welcome recovery in sentiment comes against a backdrop of continued good news on the economy, most visible in the positive employment outlook.
"However, with official data pointing to continued weakness in wage growth, the easing pressure on household budgets from spending on essentials provides an important support for consumers to undertake discretionary purchases."
Branches close as customers do banking online: Britons made almost 7 billion online banking transactions last year, according to figures published today from the British Bankers’ Association (BBA). Internet banking use has surged by 40% since 2009, the numbers show.
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