Principality Building Society News

March 2011 Principality Building Society Home Insurance is available from as little as £3.50 per week. (The premium quoted is an estimate only, and the actual premium will depend on individual circumstances. The premium is based on the average of 13,000 quotes for basic cover provided to Principality customers in 2009.)

Principality Building Society.

Principality Building Society was formed in 1860 as the Principality Permanent Investment Building Society and income for the first year amounted to a modest £367. Today The head office address is The Principality Building Society, PO Box 89, Principality Buildings, Queen Street, Cardiff CF10 1UA.

They have  65 locations with new agencies opened in Bargoed, Newcastle Emlyn, Abertillery, Ystradgynlais, Treharris, Ross-on-Wye, Talbot Green, Caernarfon and Colwyn Bay in 2010.

They offer a number of products including

Mortgages- Fixed Rate Mortgages, Discount Mortgages, Tracker Mortgages, Fee Saver Mortgages, Flexible Rate Mortgages and Buy-to-Let Mortgages.

Savings Accounts- Internet Savings Accounts, Fixed Term Savings Bonds, Tax Free Accounts – ISAs, Easy Access Savings Accounts, Notice Savings Accounts, Children's Savings Accounts and Business Savings Accounts.

Insurance- Home insurance, Life Insurance, Mortgage Protection Insurance and Over 50 Life Insurance.

For the year ended 31/12/2010 The Financial Results for Principality Building Society were 2009 figures in (brackets)

Profit £23,200,000 (£10,800,000)

Assets £6,262.1 million (£6,218.9 million)

Executive Directors Pay £1,275,000 (£1,527,000)

Non Executive Directors Pay £337,000 (£333,000)

Mortgage lending in the year was £934.8 million and at the end of the year the principality building society had 53 properties in possession. Loan impairment was £22.2 million as agains £39.5 million the year before. During the year savings balances rose by over 2.1% to over £5 billion and 52,000 new customers joined the building society.

Management expenses as a percentage of mean total assets increased to 1.00% from 0.95% the previous year.