February 9, 2018 / 7:18 AM / 3 months ago

British lender Nationwide's profit falls 6 pct as Brexit bites​

LONDON, Feb 9 (Reuters) - Britain’s Nationwide Building Society on Friday reported a 6 percent fall in nine-month statutory pretax profit hurt by lower consumer spending following the UK’s vote to leave the European Union.

The country’s second-biggest mortgage provider said its cost to income ratio rose to 59.6 percent from 57.6 percent a year earlier as its defined benefit pension costs increased.

Nationwide said lending to homeowners also fell, amid tough competition in the mortgage market that is hitting profitability. (Reporting by Lawrence White; editing by Jason Neely)

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