View more on these topics

Principality profits double to £30.8m with Nemo shining in a tight market

Principality Building Society has reported pre-tax profits of £30.8m for 2010, an increase of £16.5m from 2009.

The society says its secured loans subsidiary Nemo performed ahead of expectations and delivered strong profits.

It says in a tight market for credit the business has improved the quality of its loan book and the returns achieved from it.

Principality has capital ratios with a Tier 1 ratio of 13.34%, which increased from 12.49% in 2009.

But its Peter Alan estate agency business had a tougher time than the building society. Sales volumes took a downturn in a depressed market.

Peter Griffiths, group chief executive at Principality, says: “In the most testing of times we have further strengthened our balance sheet which remains in good shape with increased levels of capital, strong levels of liquidity and much improved profitability.”


Childcare - thumbnail

Three questions for employers…

The Family and Childcare Trust’s annual survey has been widely reported in the media and the two headline figures were these: the average cost of a nursery place for a child under two has risen by 33 per cent since 2010; and the costs have risen by five per cent in a single year.


News and expert analysis straight to your inbox

Sign up