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Is Nationwide Okay After The Credit Crunch?

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Hi, is nationwide a safe enough place to put cash at the moment (I've got way more than the £35k after my recent STR)? I can't find that much about them on this forum or on google but it seems they're not risky like B&B or any of the icelandic banks. They offer an attractive one-year fixed rate bond at 6.25% gross so if they're in good health i'll gladly sacrifice the extra 0.5% or whatever that you get with the NR or kaupthing.

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From their latest interim report:

• Underlying profit before tax up 29% to £394.4 million (30 September 2006: underlying £306.0 million).

• Reported profit before tax, which includes merger and disposal costs of £47.0 million, up 1% to £338.3 million (30 September 2006: £336.4 million).

• Strong margin performance, with net interest income up 23% to £835.9 million (30 September 2006: £679.4 million).

• Underlying cost to income ratio improved to 53.5% (30 September 2006: 58.7%).

• Following the merger with Portman, total assets up 21% to £166.0 billion (4 April 2007: £137.4 billion).

• Total number of product sales up 19% on the same period last year. Sales excluding mortgage and savings products up 8%.

• Exceptional performance in the retail savings deposit market as savers seek safe haven. Net deposits increased by 96% to £4.1 billion and balances (including accrued interest) increased by £5.8 billion, representing a 15% share of the overall increase in UK retail savings balances.

• Conservative and sustainable approach to lending and focus on quality delivered prime net lending of £3.3 billion (September 2006: £5.6 billion) and total group net lending of £3.6 billion (September 2006: £5.9 billion) while ensuring asset quality remains much stronger than industry averages.

• Proportion of mortgage accounts 3 months or more in arrears is 0.31% for prime mortgage business and 0.35% across the group, which is less than a third of the industry average of 1.06%.

• The prudent approach applied to prime residential lending was also adopted in the non-retail market. Commercial net lending totalled £0.9 billion (September 2006: £1.8 billion). Specialist net lending totalled £0.3 billion (September 2006: £0.3 billion), with very strong asset quality maintained – the proportion of specialist lending accounts more than 3 months in arrears is 0.98%, which is below the industry average for overall mortgage lending of 1.06%.

DYOR of course.

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  • 292 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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