Profits fall at Nationwide

Profits have fallen sharply at Nationwide which the building society says is due to a combination of lower income, increased investment costs and additional PPI charges.

Statutory profit for the six months to 30 September fell to £309m, from £516m a year earlier.

Nationwide said that while the UK’s economy had slowed as a result of weaker global growth and Brexit uncertainty, it added “household spending has remained relatively solid, and housing market activity broadly stable at subdued levels”.

“Whilst the economic outlook remains uncertain, we expect the current low interest rates and competition in our core markets to continue.”