Nationwide reports profits increase - papers 16 Nov

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 ang...