Nationwide doubles 2013 profit, hits capital target early
LONDON May 28 (Reuters) - Nationwide, Britain's biggest customer-owned lender, said it more than doubled its underlying profit last year and hit a capital target set by Britain's financial regulator a year ahead of schedule.
Nationwide on Wednesday reported a 113 percent rise in underlying profit to 924 million pounds ($1.55 billion) in the year to end March, benefiting from increased lending and a decline in costs.
"Our excellent financial performance and the successful achievement of a 3 percent leverage ratio, well ahead of plan, shows Nationwide has emerged from the financial crisis in better shape than ever," said Chief Executive Graham Beale.
($1 = 0.5952 British Pounds) (Reporting by Matt Scuffham; Editing by Huw Jones)