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anonlymouse

Nationwide suffers profit fall as mortgage competition bites

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Nationwide suffers profit fall as mortgage competition bites

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The UK’s largest building society posted a pre-tax profit of £1.1bn for the year to April, down from £1.3bn the previous year. Low interest rates, which were slashed to 0.25 per cent last summer, have weighed on lenders’ profit margins by squeezing the gap between what they can charge on loans and what they pay for deposits. Nationwide’s net interest income fell to £3bn from £3.1bn as a result

 

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Only pre-tax profit of £1.1bn! I work for a real multinational company that really does things, 10K employees in UK, and our profit is nowhere even in the same galaxy as that. Yet they can profit 1.1B for doing nothing of actual productive use, just shuffling money around.  Something has to be wrong here.

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Competition between lenders only leads to one thing cheaper mortgages.... Now I wonder when a competition between sellers will occur as this ship is sinking :rolleyes:

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3 hours ago, Funn3r said:

Only pre-tax profit of £1.1bn! I work for a real multinational company that really does things, 10K employees in UK, and our profit is nowhere even in the same galaxy as that. Yet they can profit 1.1B for doing nothing of actual productive use, just shuffling money around.  Something has to be wrong here.

Yes ....  but if they mess up they risk going bankrupt and losing their shirts  being given a huge taxpayer bailout by the government.

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