August 10, 2018 / 6:16 AM / 4 months ago

Profits at Britain's Nationwide drop 13 pct in first quarter

LONDON, Aug 10 (Reuters) - Britain’s Nationwide Building Society said on Friday its pre-tax profit fell by 13 percent in the first quarter as intense competition continued to dent its performance.

Nationwide, one of the country’s top three mortgage lenders, reported a pre-tax profit of 281 million pounds ($360 million) for the period, down from 322 million pounds a year earlier.

However, it said its gross mortgage lending rose 3.7 percent to 8.4 billion pounds, from 8.1 billion pounds during the first quarter of 2017.

$1 = 0.7806 pounds Reporting by Emma Rumney; Editing by Susan Fenton

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