Principality Building Society sees rise in profits

Principality Building Society has announced a rise in its profits for 2016 following a dip the previous year.

Pre-tax profits rose to £50.3m - up from £49m in 2015.

The Cardiff-based society, which is the largest in Wales, said it exceeded £8bn in assets for the first time and helped more than 3,500 first-time buyers get on to the property ladder.

It said the results were "one of its strongest years ever".

Group chief executive Graeme Yorston said its model "continues to withstand difficult and sometimes uncertain periods".

He acknowledged it had seen a decline in the use of its branches but maintained the society would "remain committed to the high streets".

The society also said its Nemo secured loans business delivered a pre-tax profit of £11.6m, despite a decision to stop accepting new customers at the beginning of 2016.