About Principality Building Society.
Principality was established back in 1860 as
Principality Permanent & Benefit Building & Investment Society. The
name was changed to Principality Building Society in 1913. In 1987 they
acquired Peter Alan and Parkhurst Estate Agency, creating one of the largest
estate agencies in South Wales. Today the building society offers a range of
mortgages, savings accounts and insurance products.
Principality Building Society Information.
Head Office - The Principality Building Society, PO Box
89, Principality Buildings, Queen Street, Cardiff CF10 1UA.
Branches - 64 across Wales & England.
Saving Accounts include accounts like Instant Access,
e-Saver, 1, 2, 3 and 5 year fixed rate
bonds, variable rate cash isa, fixed rate cash isa, 60 day notice account and
savings accounts for children.
Mortgages available include 2 and 4 year fixed rate
mortgages, 2 year discount, tracker mortgages, standard variable rate mortgages
and buy to let mortgages.
Insurance products include Life Insurance, Home
Insurance, Mortgage Payment Protection and Life insurance for over 50s.
Principality Building Society Financial Results Year
Ended 31/12/2010.
Profit after tax for the year
of £23.2 million (2009 10.8 million).
During the year, they attracted over 50,000 new
customers to take their total to over 500,000 and with a presence in 64
localities across the country (60 in Wales and 4 in England), Principality has
become the 7th largest building society in the UK.
They lent £934.8m of new money and provisions for bad
debts were at much lower levels than expected. At year end they had only 53
properties in possession. The charge for impairment provisions of £22.2m for
the Group was £17.3m less than last year. The underlying quality and average
loan-to-value (LTV) ratio of 61.6% (2009: 64.2%). At 31 December 2010 there
were 782 (2009: 438) mortgage accounts across the Group on which payments were
12 or more months in arrears. Within these accounts the total amount of
principal outstanding was £39.0m (2009: £19.0m) and the total amount of arrears
was £8.0m (2009: £3.2m), for which provision has been made where appropriate.
Savings balances increased by over 2.1% and now at an
all time high – in excess of £5 billion. Fixed rate products represent 54.81%
(2009: 54.12%) of all savings balances.
The Group’s non-interest income at £17.1m (2009:
£17.8m) includes insurance income, estate agency income, property services
income and income generated from a number of other complementary activities.
These together generated 13.25% (2009: 15.12%) of total income. The strong
performance of sales in life, investment and general insurance products
observed in the second half of 2009 has been maintained during 2010 and
accounts for 31.42% (2009: 29.47%) of other income.
The Principality Group has a £10.0m (2009: £10.0m)
exposure to Anglo Irish Bank Corporation Ltd due for repayment in June 2012
which currently benefits from a guarantee under the Irish Government Eligible
Liabilities Guarantee Scheme. The Group has no direct sovereign exposure to
Greece, Italy, Portugal and Spain as at 31 December 2010.
Principality Building Society Directors.
Executive Directors – Peter Griffiths, Guy Thomas and
Graeme Yorston.
Non Executive Directors - Dyfrig John, Christopher
Rowlands, Christopher Jones, Gordon MacLean, Langley Davies, Keith Brooks and
Jo Kenrick.
Other information Website principality.co.uk.
