November 22, 2018 / 7:20 AM / 6 months ago

Britain's Nationwide profit falls 17 pct on technology investment

LONDON, Nov 22 (Reuters) - Nationwide Building Society , one of Britain’s three biggest mortgage providers, said its profit for the first six months of the financial year fell 17 percent, as it booked a charge for asset write-offs and technology investments.

Nationwide said its statutory profit was 516 million pounds ($660 million), down from 628 million in the same period a year ago but in line with expectations.

Unlike rival listed banks such as Lloyds and Barclays which have a goal of delivering ever higher profits to their shareholders, Nationwide operates as a society owned by its customers and has said it will be comfortable keeping annual profits at between 0.9 to 1.3 billion pounds per year.

$1 = 0.7816 pounds Reporting By Lawrence White, editing by Silvia Aloisi

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