Business
Nationwide Building Society - Interim Results 2018
Nationwide Building Society - Interim Results 2018.
About this update from Nationwide Building Society
[{"type":"text","content":"\n \nRNS Number : 1389I Nationwide Building Society 22 November 2018 \n\n \n \n \n \n \n \nNationwide Building Society\nInterim Results\nFor the period ended 30 September 2018\n \n \nContents\n \n\n\n\n\n \n \n\n\nPage\n\n\n\n\nKey highlights and quotes\n \n\n\n3\n\n\n\n\nFinancial summary\n \n\n\n5\n\n\n\n\nChief Executive's review\n \n\n\n6\n\n\n\n\nFinancial review\n \n\n\n8\n\n\n\n\nBusiness and risk report\n \n\n\n14\n\n\n\n\nConsolidated interim financial statements\n \n\n\n47\n\n\n\n\nNotes to the consolidated interim financial statements\n \n\n\n53\n\n\n\n\nResponsibility statement\n \n\n\n78\n\n\n\n\nIndependent review report\n \n\n\n79\n\n\n\n\nOther information\n \n\n\n80\n\n\n\n\nContacts\n \n\n\n80\n\n\n\n\n \nIntroduction\nUnless otherwise stated, the income statement analysis compares the period from 5 April 2018 to 30 September 2018 to the corresponding six months of 2017 and balance sheet analysis at 30 September 2018 with comparatives at 4 April 2018.\n \nUnderlying profit \nProfit before tax shown on a statutory and underlying basis is set out on page 9. Statutory profit before tax of £516 million has been adjusted to derive an underlying profit before tax of £460 million. The purpose of this measure is to reflect management's view of the Group's underlying performance and to assist with like for like comparisons of performance across periods. Underlying profit is not designed to measure sustainable levels of profitability as that potentially requires exclusion of non-recurring items even though they are closely related to (or even a direct consequence of) the Group's core business activities. The components of underlying profit have changed in the period to more accurately reflect underlying performance. For more information see page 9 of the Financial Review.\n \nNationwide has developed a financial performance framework based on the fundamental principle of maintaining its capital at a prudent level in excess of regulatory requirements. The framework provides parameters which allow it to calibrate future performance and help ensure that it achieves the right balance between distributing value to members, investing in the business and maintaining financial strength. The most impo...