DBRS: Nationwide unchanged

DBRS said that Nationwide Building Society's ratings, including its long-term senior debt and deposits rating of AA, are unaffected following the group's announcement of results for the fiscal year ending April 4.

The trend on the long-term ratings remains negative, while the trend on the commercial paper rating and the rating of the debt guaranteed by HM Treasury remains stable.

DBRS said Nationwide's results demonstrate the strength of the franchise, the group's solid earnings generation ability and its sound risk management acumen. For FY2011, Nationwide reported a statutory profit before tax of £317 million, 7% lower than a year ago.

Nationwide experienced solid growth in non-interest income, which grew 17% year-on-year as the group continues to advance its strategy to broaden the revenue base, the agency added. Despite a challenging operating environment, Nationwide experienced solid growth across its business lines.

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