Final Results

24 Feb 2005 12:00

Nottingham Building Society24 February 2005 Nottingham Building Society 2004 results Nottingham Building Society has today announced its results for 2004 • Total assets grew to £2,190 million, an increase of 14.6% • Record gross mortgage lending of £629 million • Group management expenses ratio reduced to 0.94% of mean assets • Pre-tax profit limited to £9.4 million • Group reserves increased by £6.4 million to £122.7 million Commenting on these results, Stuart Brandreth, managing director of Nottingham Building Society said: "The Society enjoyed an excellent performance in 2004, with record lending underpinned by the appropriatelevel of funding. Our policy of profit containment, whilst ensuring capital is held at a prudent level,continues to allow us to compete strongly without compromising our responsible lending criteria. Reducingour management expenses ratio is always a priority and I am very pleased to see the progress made in 2004. The thrust of our strategy as a mutual building society is to deliver extra value to our members whilstmaintaining a strong capital position." Consolidated income and expenditure accountfor the year ended 31 December 2004 Audited 2004 2003 £ 000 £ 000 Net interest receivable 20,599 19,374 Other income and charges 7,965 8,104 Total income 28,564 27,478 Administrative expenses 17,851 16,978Depreciation and amortisation 1,438 1,666 Profit before provisions 9,275 8,834 Provisions for bad and doubtful debts (108) (244) Profit on ordinary activities before tax 9,383 9,078 Tax on profit on ordinary activities 3,025 2,849 Profit for the financial year 6,358 6,229 The Group had no recognized gains or losses other than the profit for each financial year. As a percentage of mean total assets Profit for the financial year 0.31% 0.33% Management expenses 0.94% 1.00% Consolidated balance sheetas at 31 December 2004 Audited 2004 2003 £ 000 £ 000Assets Liquid assets 342,833 324,334 Loans and advances to customers 1,826,222 1,574,860 Tangible fixed assets 7,405 7,870 Other assets 13,726 4,803 Total assets 2,190,186 1,911,867 Liabilities Shares 1,650,771 1,423,164 Borrowings 386,418 341,769 Other liabilities 6,297 6,637 Subscribed capital 24,022 23,977 Reserves 122,678 116,320 Total liabilities 2,190,186 1,911,867 As a percentage of shares and borrowings Gross capital 7.20% 7.95% Free capital 6.93% 7.62% Liquid assets 16.83% 18.38% Consolidated cash flow statementfor the year ended 31 December 2004 Audited 2004 2003 £ 000 £ 000Net cash inflow from operating activities 35,302 30,777 Returns on investments and servicing of finance Interest paid on permanent interest bearing shares (1,969) (1,969) Taxation (2,843) (3,189) Capital expenditure and financial investment Purchase of tangible fixed assets (798) (452) Purchase of debt securities (618,103) (675,002) Disposal of debt securities 590,000 650,000 Increase in cash 1,589 165 This information is provided by RNS The company news service from the London Stock Exchange