May 23, 2017 / 6:21 AM / 2 months ago

Britain's Nationwide Building Society profit falls 23 pct

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LONDON, May 23 (Reuters) - Britain's Nationwide Building Society said on Tuesday that its annual underlying profit fell by 23 percent compared with the previous year, as costs increased and the lender did not pass on the full effect of interest rate cuts to savers.

Nationwide, Britain's second-biggest provider of mortgages, also said it would no longer provide car insurance from June this year as it continues to pare back its business model to focus on its core product of home loans.

Nationwide last November said it would close its commercial real estate business after the outlook for the property sector darkened following Britain's vote to leave the European Union. (Reporting By Lawrence White; Editing by Susan Fenton)

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