Britannia half-year profits rise

Britannia Building Society today revealed half-year profits of £70.2 million (up from £63.7 million in the corresponding period last year) while announcing it had handed back £40 million to members in the form of better interest rates and a loyalty bonus in the past six months.

Britannia Building Society today revealed half-year profits of £70.2 million (up from £63.7 million in the corresponding period last year) while announcing it had handed back £40 million to members in the form of better interest rates and a loyalty bonus in the past six months.

Chief executive Graham Stow claimed good progress in expanding operations outside savings and loans. He reported that a £40 million programme of investment was under way to replace all core IT systems. The society's internet site, www.britannia.co.uk, would be launched shortly.