Nationwide saw profits rise by almost a third last year, helped by an increase in mortgage lending, according to the Daily Telegraph.
The building society reported a 32.1% increase in pre-tax profits to a record £336.4m for the year to September.
Nationwide said residential gross lending was up 34% to £14.5bn last year while the number of mortgage sales rose 17%.
Commercial gross lending rose 67% to £3.6bn while the number of loans three months or more in arrears was 63 - the lowest in a decade.
It said its members had benefited by around £280m through competitive interest rates and lower fees and charges, reports the paper.
SOME OF the biggest private equity firms in the world are being sued by a group of angry shareholders amid claims the firms conspired to fix the price of deals, reports the Times.
The shareholders, once investors in companies bought by private equity firms, allege in the lawsuit the firms formed “clubs” to bid collectively in buyout actions. It is claimed they exchanged information and submitted bids at agreed-upon prices.
The lawsuit, which is seeking class action status, was filed yesterday in the US District Court in Manhattan against 13 private equity firms, including such industry giants as the Carlyle Group, Texas Pacific Group, the Blackstone Group and Kohlberg Kravis Roberts (KKR).
It claims shareholders “were paid less for their equity shares that they sold to the private equity defendants and their co-conspirators than they would have been paid under conditions of free and open competition”.
THE CITY ratcheted back expectations for future interest rate rises after the Bank of England said it thought inflation would return to its 2% target faster than it had previously forecast, according to the Financial Times.
Sterling and government bond yields fell as traders reacted to the Bank’s latest quarterly inflation report, published on Wednesday.
In August, Bank governor Mervyn King had expressed fears he might have to write a letter to Gordon Brown explaining why the consumer price index had breached the 3% level.
However, the November inflation report showed the rate-setting body now sees CPI inflation peaking around 2.7% by the end of the year and falling just below the 2% mark in 2 years, if money market expectations for interest rates are fulfilled.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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