This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/wales/7610773.stm
The article has changed 4 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Principality profits take plunge | Principality profits take plunge |
| (20 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. | 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 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% of its mortgages are funded internally, reducing its exposure to risk on the wholesale money markets. | |
| The society says its retail savings balances have 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 more than 600 staff across Wales and the borders, with its headquarters in Cardiff. |