Nationwide profit more than doubles on UK economic rebound

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Economy30 minutes agone (Nov 19, 2021 02:30AM ET)

Nationwide nett   much  than doubles connected  UK economical  rebound © Reuters. FILE PHOTO: Signage is seen extracurricular a Nationwide Building Society successful London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo

LONDON (Reuters) -Nationwide Building Society reported half-year profits much than doubled connected Friday, arsenic it cashed successful connected Britain's economical rebound.

The customer-owned owe lender reported pretax profits of 853 cardinal pounds ($1.15 billion) for the six months to September, compared with 361 cardinal pounds the erstwhile year.

Britain's second-biggest supplier of location loans, Nationwide competes with the country's large banks but dissimilar them is owned by its customers.

Nationwide managed to turn profits done the COVID-19 pandemic, partially by cutting costs and taking little provisions than rivals against imaginable atrocious loans arsenic it does not lend to businesses.

In communal with different British banks that reported net successful caller weeks, Nationwide's results were boosted by a merchandise of currency it had acceptable speech against soured debts that ne'er materialised.

The lender unlocked 34 cardinal pounds of specified provisions arsenic the economical outlook improved, compared with the aforesaid play a twelvemonth agone erstwhile it took a 139 cardinal lb complaint against expected atrocious loans.

($1 = 0.7407 pounds)

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