Britannia's profits rise, hikes payout to members |
|
|
Published
:
Fri, 17 Feb 2006 20:05
|
LONDON: Britannia Building Society, the second largest building society in the country, said its underlying profits for 2005 rose 9 per cent to 151.2 million pounds compared with 138.7 million pounds in the corresponding 2004 period. Its total lending reached an all-time high 6.9 billion pounds, the company said, with net lending rising to 2.6 billion pounds.
Britannia said it is ahead of its programme in integrating the Bristol & West branches and savings business it bought from Bank of Ireland for 150 million pounds.
However, its overall pretax profits after applying the IAS rules fell to 72.5 million pounds from 96.6 million pounds in the previous year quarter as more than 15 million pounds in revenues will now have to be reported in future years. In addition, there is a 9-million-pound negative effect on pretax profit because of the Bristol & West acquisition.
Staffordshire-based Britannia is paying 48 million pounds to its nearly 90,000 members as membership reward during the year. The reward system entitles customers to receive one point for every 100 pounds they deposit in their account. The company has been paying 22 pence per point since the scheme came into being in 1996 and it has now increased the rate to 23 pence a point.
Britannia's group chief executive Neville Richardson said 2005 was an outstanding year with record lending, increased like-for-like profits, and industry-leading employee satisfaction and improving customer satisfaction.
|
|
|
|
|
|
Print this Story
Bristol & West branch network acquired at £150m by Britannia Building Society 