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| Principality profits take plunge | Principality profits take plunge |
| (30 minutes later) | |
| Profits at Wales' biggest building society the Principality have halved over the past year. | Profits at Wales' biggest building society the Principality have halved over the past year. |
| But the lender said its performance compares favourably with other building societies across the UK. | But the lender said its performance compares favourably with other building societies across the UK. |
| Pre-tax profits are £8.4m - which is half what they were this time last year. | Pre-tax profits are £8.4m - which is half what they were this time last year. |
| It has blamed difficult times at its estate agency Peter Alan, where business is down dramatically, as well as its secured loans business Nemo. | |
| The building society has described its performance as solid during a period of of uncertainty for the financial services sector. | The building society has described its performance as solid during a period of of uncertainty for the financial services sector. |
| Peter Griffiths, the group chief executive of Principality, said: "The first half of 2008 has been a period of considerable turbulence and uncertainty for the financial services sector. " | Peter Griffiths, the group chief executive of Principality, said: "The first half of 2008 has been a period of considerable turbulence and uncertainty for the financial services sector. " |
| The society says there have been record levels of savings and new customers. | The society says there have been record levels of savings and new customers. |
| It also stresses that nearly 90 per cent of its mortgages are funded internally - reducing its exposure to risk on the wholesale money markets. | It also stresses that nearly 90 per cent of its mortgages are funded internally - reducing its exposure to risk on the wholesale money markets. |
| The society says it's retail savings balances has increased by £446.7m to £4,251m and its assets have gone up by £427m to £6,289.5m. | The society says it's retail savings balances has increased by £446.7m to £4,251m and its assets have gone up by £427m to £6,289.5m. |
| The Principality also says its group arrears are better than the industry average. | The Principality also says its group arrears are better than the industry average. |
| The Principality has 50 branches and employs over 600 staff across Wales and the borders, with its headquarters in Cardiff. | The Principality has 50 branches and employs over 600 staff across Wales and the borders, with its headquarters in Cardiff. |