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Mercantile Building Society increases profits

Mercantile Building Society has recorded a 22 per cent increase in net profits for 1998 to £1.02m from £836,000 the previous year.

The increase has taken the Tyneside society&#39s gross capital ratio to 9.55 per cent and free capital ratio to 7.96 per cent as a percentage of shares and borrowings.

Gross mortgage lending for the year was £19m and savings balances grew £8m to £135m from £123m.


Investment trust shareholders offered rollover option

Shareholders in the Olim Convertible Investment Trust are to be offered the opportunity to rollover their investment into the Aberdeen Preferred Income Trust when it is wound up on May 28.The Aberdeen Preferred Income Trust and its subsidiary Aberdeen Preferred Securities is set to raise a further £20m with a new issue of ordinary shares […]

The Benefits of a Late retirement

If you are not actually retiring, the first question is, does that mean you are not going to draw any benefits?As your wife&#39s salary is currently £40,000 a year, any pension benefit taken will be taxed at 40 per cent. Even the tax-free cash sum could end up being taxed unless you can find enough […]

CGU announce first quarter results

CGU Life has announced a 27 per cent increase in new life, pensions and investment business.Results for the first quarter 1999 show new annualised premium income has risen to £122m from £97m over corresponding figures for last year.UK single premium business was up 53 per cent to £864m from £565m over the same period. But […]

IFAs hit at converted banks on rates

Converted banks are under fire from IFAs for protecting their profit margins and penalising borrowers.IFAs argue banks are pandering to their shareholders by failing to pass on the full benefit of the Bank of England&#39s Monetary Policy Committee 0.25 per cent April base rate cut.Halifax and Abbey National only cut their rates by 0.1 per […]


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