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Kuwait Proj. 26 | LSE:89VX | London | Medium Term Loan |
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RNS Number:3996N Principality Building Society 06 February 2008 ***EMBARGO: Wednesday 6th February 2008*** PRINCIPALITY ANNOUNCES 2007 ANNUAL RESULTS Thriving in turbulent times Whilst the world of global financial services faces increasing turbulence the Principality, Wales' largest building society, today bucked the trend and delivered a very impressive set of results for the 2007 financial year. Key trading highlights included two key milestones as the Society moved into the top ten largest building societies in the UK for the first time in its history, and also broke through the £5bn assets barrier. In addition: Highlights include: * Group assets increased by £1,022.3m to £5,852.5m * The pre-tax profit for the Group was £30.6m * Net profit after tax was £20.5m, equivalent to 0.38% of mean assets employed * Mortgage assets increased by 17.9% to £4,584.0m * Members savings increased by 11.7% to 3,804.3m * Retained earnings increased by 7.6% to £277.3m Commenting on the performance Principality Chief Executive Peter Griffiths said: "I am delighted to report another very successful year for the Principality Group. We have made further progress with strong growth and increased profits. Most importantly we have continued to deliver competitive savings and mortgage products for our members - which is the true benchmark of success for a mutual building society." Peter added: "The challenge for the business was to continue to deliver a certain future in an uncertain world for all its stakeholders, and there was nowhere more uncertain right now than the world of financial services. The crisis in the US market, and its influence on the UK banking sector, has created a significant liquidity challenge for a number of financial institutions. However, Principality, with its traditional building society business model, has been well placed to weather this storm with over 83% of our mortgages funded by retail savings deposits from our members. The strength of our balance sheet, coupled with the good quality of our mortgage assets, has meant we have been able to satisfy our relatively modest wholesale funding requirements." "In the retail savings market we have seen record inflows. We have continued our policy of offering members a wide range of savings products with attractive interest rates and broadened our distribution strategy with the launch of an e-savings channel." "All businesses in the Group performed well in 2007. We have seen steady, prudent growth in lending within the Society and also in our Commercial Lending division and Nemo Personal Finance, our secured loan business. We have not compromised on quality and arrears in the Society remain at historically low levels whilst Commercial Lending and Nemo are also experiencing arrears below their respective industry averages." David Williams, Chairman of Principality Building Society, said: "We recognise that current uncertainty in the financial markets may cause concern for our members but we remain confident that our history, values, strategy and performance during 2007 allow us to safely say that members can continue to trust us with their financial affairs. It is clear that over the recent past there has been a flight to quality and return to trusted financial service sector brands. Research tells us that Principality is one of the most trusted brands in Wales and we have no intention of compromising on that great legacy. We move into 2008 confident of further success and our focus will continue to be on maintaining our position as the leading Welsh provider of mortgages, savings and financial services." Ends For further information contact: Jaime Falarczyk, PR Manager, Principality Building Society Tel: 0292077 3208; email: Jaime.falarczyk@principality.co.uk Emma Stanford, Marketing Assistant, Principality Building Society Tel 0292077 3788 email: emma.stanford@principality.co.uk Principality Building Society Results for the year ended to 31 December 2007 Consolidated income and expenditure statement 2007 2006 £m £m Interest receivable and similar income 327.4 252.7 Interest expense and similar charges (258.8) (189.4) Net interest income 68.6 63.3 Fee and commission income 41.6 38.6 Fee and commission expense (6.3) (5.7) Other operating income 1.1 1.4 Other fair value gains and losses (0.3) 0.2 Total net income 104.7 97.8 Administrative expenses (62.0) (58.5) Depreciation and amortisation (5.6) (5.1) Impairment losses on loans and advances (6.5) (5.2) Profit before taxation 30.6 29.0 Taxation (10.1) (8.8) Profit for the year 20.5 20.2 Statement of recognised income and expense Profit for the year 20.5 20.2 Actuarial gain/(loss) on retirement benefit obligations (1.5) 1.6 Movement in deferred tax relating to retirement benefit obligations 0.5 (0.5) Total recognised income for the year 19.5 21.3 Consolidated balance sheet 2007 2006 Assets £m £m Liquid assets 1,196.7 875.6 Derivative financial instruments 10.8 11.4 Loans and advances to customers 4,584.0 3,887.9 Fixed & other assets 61.0 55.3 Total assets 5,852.5 4,830.2 Liabilities Customer accounts 3,804.3 3,406.1 Borrowings 1,540.0 946.3 Derivative financial instruments 9.9 4.6 Other liabilities 43.0 38.9 Subordinated liabilities 119.3 119.2 Subscribed capital 58.9 58.8 Fair value adjustment for hedged risk on capital 0.3 (1.0) Total liabilities 5,575.7 4,572.9 Retained earnings 277.3 257.8 Other reserves (0.5) (0.5) Total equity and liabilities 5,852.5 4,830.2 Consolidated cashflow statement 2007 2006 £m £m Net cash inflow/(outflow) from operating activities 331.7 (119.2) Capital expenditure and financial investment (307.9) (5.1) Financing - 119.2 Increase/(decrease) in cash and cash equivalents 23.8 (5.1) Cash and cash equivalents at beginning of year 47.1 52.2 Cash and cash equivalents at end of year 70.9 47.1 Represented by: Cash in hand and balances with the Bank of England 6.3 5.9 Loans and advances to credit institutions repayable on demand 64.6 41.2 70.9 47.1 Net cash inflow/(outflow) from operating activities Profit before taxation 30.6 29.0 Adjusted for: Depreciation and amortisation 5.6 5.1 Loss/(profit) on sale of property, plant and equipment 0.3 (0.3) Increase in impairment losses on loans and advances to customers 5.4 5.2 Change in fair values (9.2) 6.3 Other non cash movements 0.1 0.6 Changes in net operating assets: Decrease/(increase) in loans and advances to credit institutions 6.0 (80.5) Increase in loans and advances to customers (692.9) (383.5) Decrease/(increase) in derivative financial instruments 5.9 (5.5) Increase in customer accounts 397.8 181.1 Increase in deposits and debt securities 586.3 131.6 Other movements 2.2 0.7 Taxation (6.4) (9.0) Net cash inflow/(outflow) from operating activities 331.7 (119.2) Summary of key ratios 2007 2006 % % Gross capital as a percentage of shares and borrowings 8.53 9.99 Liquid assets as a percentage of shares and borrowings 22.39 20.12 Group profit for the year as a percentage of mean total assets 0.38 0.44 Group management expenses as a percentage of mean total assets 1.27 1.38 Society management expenses as a percentage of mean total assets 0.80 0.93 This information is provided by RNS The company news service from the London Stock Exchange END FR SSISUMSASEDE
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