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Nationwide profits hit by PPI payouts

27th November 2012

Nationwide has reported a sharp fall in half-year profit after setting aside a further £45 million to compensate customers who were wrongly sold Payment Protection Insurance policies.

Britain’s largest building society, which made a £15 million PPI provision this time last year, said that interim pre-tax profit slid to £124 million from £238 million previously.

Source: The Times

Posted in PPI, UK, Banks, Nationwide, Mis-selling Scandal, Mis-sold PPI, Building Society

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