View more on these topics

Britannia says 2001 was best in its history

Britannia Building Society says last year was the most successful in its history, with profits more than doubling to £129m from £62m in 2000.

Results show the society&#39s net mortgage lending reached a record £1.8bn compared with £800m in 2000.

Britannia&#39s subsidiaries, including specialist mortgage lenders Verso and Platform Home Loans, increased profits by 39 per cent to £50m from £36m. The £55m acquisition of Platform last year brought £550m of mortgage assets to Britannia.

Last month, Britannia paid £53m to members through its loyalty bonus scheme compared with £33m last year, bringing the total paid out by the scheme over the last six years to £250m.

Overall, the mutual&#39s group assets grew by 15 per cent to £17.4bn from £15bn last year.

Chairman Barrie Bernstein says: “These results show that at Britannia we are delivering value to our members just as we should do.

“They continue to share in the rewards of our commercial success because, as a mutual, we have no external shareholders to pay. For us, it is not about making all the profits we can out of members, it is about making sure we generate enough profit to sustain an efficient, strong business for the members.”

Recommended

Scottish Mutual – Income and Growth Plan 2

Monday, March 4, 2002 Type: Capital protected Isa Aim: Income or growth by investing in Quaich Investments 2 Minimum-maximum investment: £7,000-£500,000 Investment choice: Dublin based company Term: Five years two months Guarantee: Capital returned in full at end of term provided the Dow Jones Eurostoxx 50 does not fall by more than 20% Return: Choice […]

Call for industry to take trek challenge

Fund manager State Street is challenging teams from across the financial services sector to trek the Scottish Highlands to raise money for charity.The State Street Caledonian Challenge aims to raise £1m for the Scottish Community Foundation through sponsorship of up to 375 teams of four trekking 54 miles along the West Highland Way in 24 […]

ScotLife wizard lacks magic

Scottish Life has just awarded Credit Suisse First Boston the “Harry Potter failed wizard” prize for the most inaccurate crystal ball gazing of 2001 after its forecast that the FTSE 100 index would be at 7,400 at the end of 2001.I would have thought that this once fine mutual would be keeping its head down […]

1

MPAA consultation

By Fiona Tait, pensions specialist The chancellor’s announcement of proposed cuts to the Money Purchase Annual Allowance means it will be more important than ever to be able to tell your PCLS from your UFPLS What was in the statement? Not much. The chancellor spared three sentences to inform us that the Money Purchase Annual Allowance will be reduced […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment