May 22, 2018 / 6:21 AM / 3 months ago

British lender Nationwide annual profit falls 7 pct

LONDON, May 22 (Reuters) - Nationwide Building Society , one of Britain’s three biggest mortgage providers, on Tuesday said its annual profit fell 7 percent amid intense competition in the market for home loans.

Nationwide reported an annual profit of 977 million pounds ($1.31 billion), down from 1.05 billion pounds a year earlier, and said annual profits of between 0.9 to 1.3 billion pounds per year would ensure it meets its capital strength targets.

It was Nationwide’s second consecutive year of declining profits, which it blamed on costs from buying back its own debt as well as increased competition and continued low interest rates. ($1 = 0.7449 pounds) (Reporting By Lawrence White, editing by Sinead Cruise)

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