Nationwide sees profits down 18%
Nationwide Building Society has reported a drop in its pre-tax profits.
The group said it made £322 million in pre-tax profits in the first six months of its financial year, down 18% from £394 million a year ago.
It also posted rising losses from borrower arrears and the credit market crisis.
Its bad debts rose by more than a fifth to £74 million as borrowers struggled with repayments and Nationwide said it was forced to write down the value of assets by £416 million.
