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Nationwide suffers losses due to PPI payouts

British bank Nationwide has suffered a slump in its half-year profits thanks to losses caused by payouts for allegedly mis-sold payment protection insurance (PPI) and commercial property loans.

Its pre-tax profits fell by almost 50 per cent to £124 million in the six months to September. Earlier in the year they stood at £238 million.

The fall in profits has been attributed to the £45 million put aside for compensating those who were supposedly mis-sold PPI and a £193 million impairment charge for commercial property loans.

Nationwide has now set aside a £173 million PPI provision.

Despite this, Nationwide's chief executive Graham Beale has called the figures "credible", considering the difficult climate.

The bank underwent its highest mortgage lending period in the six months for four years, with gross residential mortgage lending increasing 15 per cent to £10.2 billion.

It has also revealed plans to expand its market involvement and move into lending to small and medium-sized enterprises, beginning in 2014.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801495612-ADNFCR

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