Britain's Nationwide reports profits fall 33% as spending, competition bite
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LONDON (Reuters) - Nationwide Building Society reported a 33% fall in profit for the first half of its financial year, as it took a fresh charge for mis-selling insurance products and saw margins fall in Britain's competitive mortgage market.The bellwether mortgage lender said its underlying profit fell to 307 million pounds in the April-September period from 460 million pounds a year ago.The results show one of Britain's oldest and biggest mortgage lenders was still investing in technology..