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U.S. profits jump 39% as interest rates rise

UK’s largest building association Nationwide’s full-year profit rose 39% as rising interest rates boosted financiers’ earnings, but the company’s chief warned of the impact of higher borrowing costs on clients bottom.

“The shift to higher interest payments is a challenge for households adjusting their spending priorities,” Chief Executive Officer Debbie Crosby said Friday. “We will continue to support borrowers facing payment difficulties.”

UK financiers posted a pre-tax profit of £2.2bn in the year to April 4, a 39% increase on the previous year. Revenues for the year were up 20% to £4.7bn.

Like other financiers, Nationwide benefited from rising interest rates. The Bank of England last week raised its base rate to 4.5%, the highest since 2008.

The building association also said it would distribute a “fairer distribution” after the results, giving eligible members £100 per person for a total of £340m.

The bad debt provision for the year was £126m compared to a charge of £27m in the previous year.

Nationwide said this was due to “a worsening economic outlook this year” and that low delinquency rates were expected to rise further.

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UK’s largest building association Nationwide’s full-year profit rose 39% as rising interest rates boosted financiers’ earnings, but the company’s chief warned of the impact of higher borrowing costs on clients bottom.“The shift to higher interest payments is a challenge for households adjusting their spending priorities,” Chief Executive Officer Debbie Crosby said Friday. “We will continue to support borrowers facing payment difficulties.”UK financiers posted a pre-tax profit of £2.2bn in the year to April 4, a 39% increase on the previous year. Revenues for the year were up 20% to £4.7bn.Like other financiers, Nationwide benefited from rising interest rates. The Bank of England last week raised its base rate to 4.5%, the highest since 2008.The building association also said it would distribute a “fairer distribution” after the results, giving eligible members £100 per person for a total of £340m.The bad debt provision for the year was £126m compared to a charge of £27m in the previous year. Nationwide said this was due to “a worsening economic outlook this year” and that low delinquency rates were expected to rise further.
https://www.ft.com/content/84822c3f-48d5-4f91-94cb-36f948fe837e U.S. profits jump 39% as interest rates rise

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