View more on these topics

Newcastle BS profits up 52 per cent

Newcastle Building Society group profits are up 52 per cent to £17.6m in 2007.

The society has seen a 48 per cent increase in other income to the year ended December 31, 2007, largely its Solutions business and increasing demand for investment products through Newcastle Financial Services.

Despite a turbulent second half of 2007, it says its success is due to the Universal merger in December 2006 and its focus on the prime sector, limiting its exposure to the US sub-prime market.

Total assets increase by 9 per cent and gross lending exceeded £1bn for the first time.

The group says its continued success will create another 500 jobs over the next five years.

Chief executive Colin Seccombe says: “Despite market turbulence in the second half of the year, the group has shown real progress in all parts of its business, both the traditional member based savings and lending activity, as well as the innovative Solutions divisions.

This has meant we have been successful in our key aim of extending sources of income to support the delivery of competitive products to members and strengthened further the level of capital we hold to protect them.

“I am especially pleased that the Society’s improvement in performance is so broadly based across the whole of our business. As an innovative business we continue to expand and diversify in the face of increased competition. And, true to our roots as a mutual building society we are, and will remain, committed to growing our core member business.”


Firm in liquidation remains on FSA register

Concerns have arisen over consumer protection after a Birmingham IFA remained on the FSA register despite having gone into liquidation last September.Stourbridge-based Paul Davies & Associates appointed corporate recovery firm Butcher Woods as liquidator last September but is still listed as authorised on the FSA register, with no changes to its permissions.The FSA says it […]

Delicate balance

You do not need a crystal ball to predict that UK interest rates are going down. After monetary policy committee decisions to cut rates in December and February, the debate for many is now simply about how much more and how quickly rates are going to be cut.Many commentators were disappointed that the MPC did […]

Trident brings multi-manaber to pubs

RAM Capital Partners is looking to raise up to £20m to invest in an enterprise investment scheme fund, which comprises a multi-manager portfolio of freehold and long leasehold pubs.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm