Half Yearly Financial Information
24 Julho 2009 - 3:00AM
UK Regulatory
TIDMNBSR
RNS Number : 2116W
Newcastle Building Society
24 July 2009
?
Strictly embargoed until 7am, Friday 24 July 2009
NEWCASTLE BUILDING SOCIETY GROUP
HALF-YEARLY FINANCIAL INFORMATION
Newcastle Building Society today announces its results for the 6 months ended 30
June 2009.
Key highlights:
* Newcastle Building Society returns to profitability.
* Society announces appointment of new Finance Director
* Nearly 20,000 new customers attracted over the first six months.
* Solvency ratio improved from 11.9% to 12.8% due to reduction in risk weighted
assets.
* Tier one capital improved from 9.2% to 9.8%.
* Wholesale funding ratio has fallen from 27.9% to 17.4% reflecting reducing
reliance on treasury markets.
* Retail funding of mortgage balances has improved from 86% to 91%.
* Residential lending portfolio continues to perform well with arrears at less
than 1% which is below CML averages and a reduction for the last two consecutive
months in May and June.
* Three new savings contracts for the Newcastle Strategic Solutions division.
* Plans announced for new flagship branch in Newcastle City Centre.
Chief Executive's Business Review:
Despite the difficult market conditions which existed throughout the period, the
Society has returned to profitability. Lending activity has been subdued in line
with the objective that all new lending is funded by retail deposits; moreover
by 30 June, 91% of all lending was funded in this way compared to 86% at the end
of 2008.
Competition for savings has been intense resulting in pressure on the net
interest margin. However, recent inflows have been particularly strong,
especially through a market leading Five Year Fixed Rate ISA. Overall, the
Society attracted nearly 20,000 new customers over the first six months of 2009
with the strong performance continuing in to July.
As a result, the Society's use of wholesale funding has reduced from 27.9% at
the end of 2008 to 17.4%.
The Society's capital ratios have also improved. Overall capital has risen to
12.8% from 11.9% and Tier 1 has increased to 9.8% from 9.2%. The liquidity ratio
was 22.2% at the end of June, subsequently rising through the retail deposits
mentioned earlier.
The Society's lending portfolio remains of high quality and is performing well.
The last two months have also seen an improvement in residential arrears. At 30
June, less than 1% of residential owner occupied borrowers were in arrears of
greater than three months, compared with the industry average of 2.39%. Only
five owner occupied repossessions were instigated by the Society and there was a
7.5% decrease in the total number of properties in possession in the first half.
Despite property price falls, the average loan to value across the Society's
residential mortgage portfolio was just 53.6%.
The Society has no sub-prime or self-certification exposures and relatively low
buy-to-let exposure. The vast majority of its lending is instead to traditional
low risk residential borrowers and to housing associations, where there is a low
risk of default compared to other types of lending. The commercial book
performed well with no new problem cases emerging in the half year.
NEWCASTLE BUILDING SOCIETY GROUP
HALF-YEARLY FINANCIAL INFORMATION
In its 2008 results the Society made prudent provisions against its exposure to
the Icelandic banks. With the benefit of recent information, especially from the
administrators of the UK subsidiaries, those provisions have been reassessed
leading to a write back of GBP2.7m. The net impairment loss of GBP0.2m includes
this write back offset by a prudent supplement to existing provisions to reflect
losses which may have been incurred but have not yet emerged.
The Society's Strategic Solutions division, which provides financial outsourcing
services based on its core competencies, is recovering well following a
reduction in income due to the loss of a major contract. Three new contracts are
expected to go live by the end of 2009. This follows the success of the online
banking and telephone administration facilities for Icesave customers provided
by the Society as part of the Financial Services Compensation Scheme (FSCS)
automated payment process which came to an end in January 2009. The importance
and value of the Society's role in providing this service was publicly
acknowledged by the FSCS.
The Card Solutions offering from the Strategic Solutions division continues to
perform well, with over 150 live schemes, in excess of 500,000 cards in
circulation and 1 million transactions each month. The Society is the number one
provider of MasterCard prepaid cards in Europe.
As part of ongoing development in the North East, the Society has also announced
plans for a new flagship branch at a prime location within Newcastle's city
centre. Opportunities to acquire such prime locations are rare and in doing so
the Society realises a long term goal. Due to open early next year following
major refurbishment, the site will serve as the Society's main city branch,
improving the range and accessibility of services to members in its heartland.
The Society is also delighted to announce the appointment of a new Finance
Director, Gary Wilkinson. He joins us from the Nationwide where he was Managing
Director of Regional Brands - prior to that he had a long career within finance
at the Alliance and Leicester.
Challenging trading conditions in 2009 are expected to continue but the Society
is well-placed for the future and is committed to remaining an independent,
mutual building society for the benefit of all members.
CJ Seccombe
Chief Executive
23 July 2009
Forward-looking statements
Certain statements in this half-yearly information are forward-looking. Although
the Group believes that the expectations reflected in these forward-looking
statements are reasonable, we can give no assurance that these expectations will
prove to have been correct. Because these statements involve risks and
uncertainties, actual results may differ materially from those expressed or
implied by these forward-looking statements.
We undertake no obligation to update any forward-looking statements whether as a
result of new information, future events or otherwise.
NEWCASTLE BUILDING SOCIETY GROUP
HALF-YEARLY FINANCIAL INFORMATION
Summary Consolidated Income Statement
+------------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+------------------------------------------+------------+------------+------------+
| | 6 months | 6 months | 12 months |
| | to | to | to |
+------------------------------------------+------------+------------+------------+
| | 30 Jun 09 | 30 Jun 08 | 31 Dec 08 |
+------------------------------------------+------------+------------+------------+
| | GBPm | GBPm | GBPm |
+------------------------------------------+------------+------------+------------+
| | | | |
+------------------------------------------+------------+------------+------------+
| Interest and similar income | 82.9 | 145.8 | 287.9 |
+------------------------------------------+------------+------------+------------+
| Interest expense and similar charges | (67.7) | (123.9) | (249.3) |
+------------------------------------------+------------+------------+------------+
| Net interest receivable | 15.2 | 21.9 | 38.6 |
+------------------------------------------+------------+------------+------------+
| Other income and charges | 10.0 | 11.0 | 24.2 |
+------------------------------------------+------------+------------+------------+
| Gains less losses from financial | (0.7) | (0.9) | 0.5 |
| instruments | | | |
+------------------------------------------+------------+------------+------------+
| Administrative expenses | (23.6) | (23.2) | (47.5) |
+------------------------------------------+------------+------------+------------+
| Operating profit before impairments and | 0.9 | 8.8 | 15.8 |
| FSCS levy | | | |
+------------------------------------------+------------+------------+------------+
| Impairment losses | (0.2) | (0.3) | (44.7) |
+------------------------------------------+------------+------------+------------+
| FSCS levy | - | - | (6.8) |
+------------------------------------------+------------+------------+------------+
| Profit / (loss) before taxation | 0.7 | 8.5 | (35.7) |
+------------------------------------------+------------+------------+------------+
| Taxation (expense) / credit | (0.2) | (2.6) | 9.9 |
+------------------------------------------+------------+------------+------------+
| Profit / (loss) for the financial period | 0.5 | 5.9 | (25.8) |
| | | | |
+------------------------------------------+------------+------------+------------+
Summary Consolidated Statement of Comprehensive Income
+----------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+----------------------------------------+------------+------------+------------+
| | 6 months | 6 months | 12 months |
| | to | to | to |
+----------------------------------------+------------+------------+------------+
| | 30 Jun 09 | 30 Jun 08 | 31 Dec 08 |
+----------------------------------------+------------+------------+------------+
| | GBPm | GBPm | GBPm |
+----------------------------------------+------------+------------+------------+
| | | | |
+----------------------------------------+------------+------------+------------+
| Profit / (loss) for the period | 0.5 | 5.9 | (25.8) |
+----------------------------------------+------------+------------+------------+
| | | | |
+----------------------------------------+------------+------------+------------+
| Other comprehensive income | | | |
+----------------------------------------+------------+------------+------------+
| Movement on available for sale reserve | (7.2) | - | 6.6 |
+----------------------------------------+------------+------------+------------+
| Movement on cash flow hedge reserve | 1.2 | (0.2) | (1.2) |
+----------------------------------------+------------+------------+------------+
| Actuarial loss on retirement benefit | - | - | (5.0) |
| obligations | | | |
+----------------------------------------+------------+------------+------------+
| Taxation | - | 1.9 | 3.4 |
+----------------------------------------+------------+------------+------------+
| Total comprehensive income for the | (5.5) | 7.6 | (22.0) |
| period | | | |
+----------------------------------------+------------+------------+------------+
The notes on pages 6 and 7 form an integral part of this condensed consolidated
half-yearly financial information.
NEWCASTLE BUILDING SOCIETY GROUP
HALF-YEARLY FINANCIAL INFORMATION
Summary Consolidated Balance Sheet
+----------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+ +------------+------------+------------+
| | 30 Jun 09 | 30 Jun 08 | 31 Dec 08 |
+----------------------------------------+----------------------------------------+------------+------------+
| | GBPm | GBPm | GBPm |
+----------------------------------------+------------+------------+------------+
| ASSETS | | | |
+----------------------------------------+------------+------------+------------+
| Liquid assets | 710.5 | 1,217.2 | 1,069.2 |
+----------------------------------------+------------+------------+------------+
| Loans and advances to customers | 3,692.2 | 3,851.2 | 3,838.8 |
+----------------------------------------+------------+------------+------------+
| Derivative financial instruments | 19.2 | 23.9 | 18.7 |
+----------------------------------------+------------+------------+------------+
| Fair value adjustments for hedged risk | 41.9 | 31.5 | 68.6 |
+----------------------------------------+------------+------------+------------+
| Property, plant and equipment | 30.8 | 30.6 | 32.1 |
+----------------------------------------+------------+------------+------------+
| Investment properties | 14.3 | 13.0 | 13.9 |
+----------------------------------------+------------+------------+------------+
| Other assets | 42.0 | 35.9 | 51.6 |
+----------------------------------------+------------+------------+------------+
| TOTAL ASSETS | 4,550.9 | 5,203.3 | 5,092.9 |
+----------------------------------------+------------+------------+------------+
| | |
+------------------------------------------------------------------+------------+
| | Unaudited | Unaudited | Audited |
+ +------------+------------+------------+
| | 30 Jun 09 | 30 Jun 08 | 31 Dec 08 |
+----------------------------------------+----------------------------------------+------------+------------+
| | GBPm | GBPm | GBPm |
+----------------------------------------+------------+------------+------------+
| LIABILITIES | | | |
+----------------------------------------+------------+------------+------------+
| Shares | 3,361.1 | 3,146.9 | 3,302.3 |
+----------------------------------------+------------+------------+------------+
| Deposits and debt securities | 818.6 | 1,657.6 | 1,389.3 |
+----------------------------------------+------------+------------+------------+
| Derivative financial instruments | 40.7 | 35.3 | 70.2 |
+----------------------------------------+------------+------------+------------+
| Fair value adjustments for hedged risk | 10.3 | 17.5 | 8.6 |
+----------------------------------------+------------+------------+------------+
| Other liabilities | 46.4 | 47.1 | 43.1 |
+----------------------------------------+------------+------------+------------+
| Subordinated liabilities | 60.7 | 60.7 | 60.8 |
+----------------------------------------+------------+------------+------------+
| Subscribed capital | 29.9 | 19.9 | 29.9 |
+----------------------------------------+------------+------------+------------+
| Reserves | 183.2 | 218.3 | 188.7 |
+----------------------------------------+------------+------------+------------+
| TOTAL LIABILITIES | 4,550.9 | 5,203.3 | 5,092.9 |
+----------------------------------------+------------+------------+------------+
The notes on pages 6 and 7 form an integral part of this condensed consolidated
half-yearly financial information.
NEWCASTLE BUILDING SOCIETY GROUP
HALF-YEARLY FINANCIAL INFORMATION
Summary Consolidated Cash Flow Statement
+----------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+ +------------+------------+------------+
| | 6 months to | 6 months | 12 months |
| | | to | to |
+ +----------------------------------------+------------+------------+
| | 30 Jun 09 | 30 Jun 08 | 31 Dec 08 |
+----------------------------------------+----------------------------------------+------------+------------+
| | GBPm | GBPm | GBPm |
+----------------------------------------+------------+------------+------------+
| | | | |
+----------------------------------------+------------+------------+------------+
| Net cash flows from operating | (362.8) | 290.8 | 170.1 |
| activities | | | |
+----------------------------------------+------------+------------+------------+
| Taxation repaid / (paid) | 5.7 | 0.4 | (1.5) |
+----------------------------------------+------------+------------+------------+
| Payment into defined benefit pension | (0.4) | (0.4) | (0.4) |
| scheme | | | |
+----------------------------------------+------------+------------+------------+
| Net cash flows from investing | 109.1 | (153.5) | 205.3 |
| activities | | | |
+----------------------------------------+------------+------------+------------+
| Net cash flows from financing | (3.0) | (3.6) | 2.3 |
| activities | | | |
+----------------------------------------+------------+------------+------------+
| Net (decrease) / increase in cash and | (251.4) | 133.7 | 375.8 |
| cash equivalents | | | |
+----------------------------------------+------------+------------+------------+
| | | | |
+----------------------------------------+------------+------------+------------+
| Net (decrease) / increase in cash and | (251.4) | 133.7 | 375.8 |
| cash equivalents | | | |
+----------------------------------------+------------+------------+------------+
| Cash and cash equivalents at the start | 606.1 | 230.3 | 230.3 |
| of period | | | |
+----------------------------------------+------------+------------+------------+
| Cash and cash equivalents at the end | 354.7 | 364.0 | 606.1 |
| of the period | | | |
+----------------------------------------+------------+------------+------------+
Other percentages
+--------------------------------------------+------------+------------+------------+
| | Unaudited | Unaudited | Audited |
+--------------------------------------------+------------+------------+------------+
| | 6 months | 6 months | 12 months |
| | to | to | to |
+--------------------------------------------+------------+------------+------------+
| | 30 Jun 09 | 30 Jun 08 | 31 Dec 08 |
+--------------------------------------------+------------+------------+------------+
| | % | % | % |
+--------------------------------------------+------------+------------+------------+
| | | | |
+--------------------------------------------+------------+------------+------------+
| Gross capital as a percentage of shares | 6.73 | 6.37 | 6.10 |
| and borrowings | | | |
+--------------------------------------------+------------+------------+------------+
| Liquid assets as a percentage of shares | 22.17 | 25.82 | 23.28 |
| and borrowings | | | |
+--------------------------------------------+------------+------------+------------+
| Wholesale deposits as a percentage of | 17.41 | 32.92 | 27.90 |
| shares and borrowings | | | |
+--------------------------------------------+------------+------------+------------+
| Profit / (loss)after tax as a percentage | 0.02 | 0.25 | (0.52) |
| of mean total assets* | | | |
+--------------------------------------------+------------+------------+------------+
| Management expenses as a percentage of | 1.00 | 0.93 | 0.96 |
| mean total assets* | | | |
+--------------------------------------------+------------+------------+------------+
* Expressed on an annualised basis
The notes on pages 6 and 7 form an integral part of this condensed consolidated
half-yearly financial information.
NEWCASTLE BUILDING SOCIETY GROUP
HALF-YEARLY FINANCIAL INFORMATION
Notes
1. General information
1.1 The half-yearly financial information set out above, which was
approved by the Board of Directors on 23 July 2009, does
not
constitute accounts within the meaning of the Building Societies Act 1986.
1.2 The financial information for the 12 months to 31 December 2008 has
been extracted from the accounts for that year
which have
been filed with the Financial Services Authority and on which the auditors gave
an unqualified opinion.
1.3 The half-yearly financial information for the 6 months to 30 June
2009 and the 6 months to 30 June 2008 is unaudited.
1.4 The announcement will be sent to holders of the Society's permanent
interest bearing shares. Copies are available from
the
Society's Principal Office at Portland House, Newcastle upon Tyne NE1 8AL.
2. Basis of preparation
This condensed consolidated half-yearly financial information for the half-year
ended 30 June 2009 has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Services Authority and with IAS 34, 'Interim
financial reporting' as adopted by the European Union. The half-yearly condensed
consolidated financial information should be read in conjunction with the annual
financial statements for the year ended 31 December 2008, which have been
prepared in accordance with IFRSs as adopted by the European Union.
3. Accounting policies
Except as described below, the half-yearly financial information has been
prepared on the basis of the accounting policies adopted for the year ended 31
December 2008, as described in those financial statements.
The following new standards and amendments to standards are mandatory for the
first time for the financial year beginning 1 January 2009.
IAS 1 (revised), 'Presentation of financial statements'. Entities can choose
whether to present one performance statement (the statement of comprehensive
income) or two statements (the income statement and statement of comprehensive
income). The Group has elected to present two statements; an income statement
and a statement of comprehensive income. The half-yearly financial information
has been prepared under the revised disclosure requirements.
IFRS 8, 'Operating segments'. IFRS 8 has replaced IAS 14, 'Segment reporting'.
It requires a 'management approach' under which segment information is presented
on the same basis as that used for internal reporting purposes. Two reportable
segments are presented; Member business and Solutions business.
The Group currently expects to adopt these accounting policies in its annual
accounts for the year ended 31 December 2009.
4. Taxation
The effective tax charge is 28.6% (first half 2008 - 30.6%). The tax charge has
been calculated as far as possible to approximate to the expected full year tax
rate. This decrease is mainly due to the reduction in the rate of corporation
tax.
5. Related Party Transactions
The Group had no material or unusual related party transactions during the
half-year to 30 June 2009.
Key management compensation amounted to GBP0.4m for the period (first half 2008:
GBP0.5m).
NEWCASTLE BUILDING SOCIETY GROUP
HALF-YEARLY FINANCIAL INFORMATION
6. Segment information
The chief operating decision maker has been identified as the Board of
Directors. The Board reviews the Group's internal reporting in order to assess
performance and allocate resources. Management has determined the operating
segments based on these reports.
The 'Member business' provides mortgage, savings, investment and insurance
products to members and customers. The 'Solutions business' provides business to
business services through people, processes and technology. The Board assesses
performance based on profit before tax after the allocation of all central
costs.
+-------------------------------------+----------+-----------+---------+
| Period to 30 June 2009 | Member | Solutions | |
+-------------------------------------+----------+-----------+---------+
| | Business | Business | Total |
+-------------------------------------+----------+-----------+---------+
| | GBPm | GBPm | GBPm |
+-------------------------------------+----------+-----------+---------+
| Net interest receivable | 15.2 | - | 15.2 |
+-------------------------------------+----------+-----------+---------+
| Other income and charges | 4.8 | 5.2 | 10.0 |
+-------------------------------------+----------+-----------+---------+
| Gains less losses from financial | (0.7) | - | (0.7) |
| instruments | | | |
+-------------------------------------+----------+-----------+---------+
| Administrative expenses | (17.9) | (5.7) | (23.6) |
+-------------------------------------+----------+-----------+---------+
| Operating profit before impairments | 1.4 | (0.5) | 0.9 |
| and FSCS levy | | | |
+-------------------------------------+----------+-----------+---------+
| Impairment losses | (0.2) | - | (0.2) |
+-------------------------------------+----------+-----------+---------+
| FSCS levy | - | - | - |
+-------------------------------------+----------+-----------+---------+
| Profit / (loss) before taxation | 1.2 | (0.5) | 0.7 |
+-------------------------------------+----------+-----------+---------+
| Taxation expense | | | (0.2) |
+-------------------------------------+----------+-----------+---------+
| Profit for the financial period | | | 0.5 |
+-------------------------------------+----------+-----------+---------+
| | | | |
+-------------------------------------+----------+-----------+---------+
| Total assets | 4,544.5 | 6.4 | 4,550.9 |
+-------------------------------------+----------+-----------+---------+
| | | | |
+-------------------------------------+----------+-----------+---------+
| Period to 30 June 2008 | Member | Solutions | |
+-------------------------------------+----------+-----------+---------+
| | Business | Business | Total |
+-------------------------------------+----------+-----------+---------+
| | GBPm | GBPm | GBPm |
+-------------------------------------+----------+-----------+---------+
| Net interest receivable | 21.9 | - | 21.9 |
+-------------------------------------+----------+-----------+---------+
| Other income and charges | 5.2 | 5.8 | 11.0 |
+-------------------------------------+----------+-----------+---------+
| Gains less losses from financial | (0.9) | - | (0.9) |
| instruments | | | |
+-------------------------------------+----------+-----------+---------+
| Administrative expenses | (18.1) | (5.1) | (23.2) |
+-------------------------------------+----------+-----------+---------+
| Operating profit before impairments | 8.1 | 0.7 | 8.8 |
| and FSCS levy | | | |
+-------------------------------------+----------+-----------+---------+
| Impairment losses | (0.3) | - | (0.3) |
+-------------------------------------+----------+-----------+---------+
| FSCS levy | - | - | - |
+-------------------------------------+----------+-----------+---------+
| Profit before taxation | 7.8 | 0.7 | 8.5 |
+-------------------------------------+----------+-----------+---------+
| Taxation expense | | | (2.6) |
+-------------------------------------+----------+-----------+---------+
| Profit for the financial period | | | 5.9 |
+-------------------------------------+----------+-----------+---------+
| | | | |
+-------------------------------------+----------+-----------+---------+
| | | | |
+-------------------------------------+----------+-----------+---------+
| | Member | Solutions | |
+-------------------------------------+----------+-----------+---------+
| Period to 31 December 2008 | Business | Business | Total |
+-------------------------------------+----------+-----------+---------+
| | GBPm | GBPm | GBPm |
+-------------------------------------+----------+-----------+---------+
| Net interest receivable | 38.6 | - | 38.6 |
+-------------------------------------+----------+-----------+---------+
| Other income and charges | 11.0 | 13.2 | 24.2 |
+-------------------------------------+----------+-----------+---------+
| Gains less losses from financial | 0.5 | - | 0.5 |
| instruments | | | |
+-------------------------------------+----------+-----------+---------+
| Administrative expenses | (35.9) | (11.6) | (47.5) |
+-------------------------------------+----------+-----------+---------+
| Operating profit before impairments | 14.2 | 1.6 | 15.8 |
| and FSCS levy | | | |
+-------------------------------------+----------+-----------+---------+
| Impairment losses | (44.7) | - | (44.7) |
+-------------------------------------+----------+-----------+---------+
| FSCS levy | (6.8) | - | (6.8) |
+-------------------------------------+----------+-----------+---------+
| (Loss) / profit before taxation | (37.3) | 1.6 | (35.7) |
+-------------------------------------+----------+-----------+---------+
| Taxation credit | | | 9.9 |
+-------------------------------------+----------+-----------+---------+
| (Loss) for the financial period | | | (25.8) |
+-------------------------------------+----------+-----------+---------+
| | | | |
+-------------------------------------+----------+-----------+---------+
| Total assets | 5,085.0 | 7.9 | 5,092.9 |
+-------------------------------------+----------+-----------+---------+
NEWCASTLE BUILDING SOCIETY GROUP
HALF-YEARLY FINANCIAL INFORMATION
Statement of directors' responsibilities
The directors' confirm that this condensed set of financial statements has been
prepared in accordance with IAS 34 as adopted by the European Union, and that
the half-yearly management report herein includes a fair review of the
information required by the Disclosure and Transparency Rules (DTR 4.2.7 and DTR
4.2.8).
The directors of Newcastle Building Society are listed in the Annual Report for
2008. The following changes have occurred in the period:
Jonathan Westhoff (resigned 30 April 2009)
On behalf of the Board
CJ Hilton
Chairman
NEWCASTLE BUILDING SOCIETY GROUP
HALF-YEARLY FINANCIAL INFORMATION
Independent review report to Newcastle Building Society
Introduction
We have been engaged by Newcastle Building Society to review the condensed set
of financial statements in the half-yearly financial information for the six
months ended 30 June 2009, which comprises the summary consolidated income
statement, summary consolidated statement of comprehensive income, summary
consolidated balance sheet, summary consolidated cash flow statement and related
notes. We have read the other information contained in the half-yearly financial
information and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed set of financial
statements.
Directors' responsibilities
The half-yearly financial information is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial information in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Services Authority.
As disclosed in note 2, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
information has been prepared in accordance with International Accounting
Standard 34, "Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Society a conclusion on the condensed
set of financial statements in the half-yearly financial information based on
our review. This report, including the conclusion, has been prepared for and
only for the Society for the purpose of the Disclosure and Transparency Rules of
the Financial Services Authority and for no other purpose. We do not, in
producing this report, accept or assume responsibility for any other purpose or
to any other person to whom this report is shown or into whose hands it may come
save where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
information for the six months ended 30 June 2009 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 as
adopted by the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
PricewaterhouseCoopers LLP
Chartered Accountants
Newcastle upon Tyne
23 July 2009
NEWCASTLE BUILDING SOCIETY GROUP
HALF-YEARLY FINANCIAL INFORMATION
Notes:
(a) The maintenance and integrity of the Newcastle Building Society website is
the responsibility of the directors; the work carried out by the auditors does
not involve consideration of these matters and accordingly, the auditors accept
no responsibility for any changes that may have occurred to the financial
statements since they were initially presented on the website.
(b) Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other
jurisdictions.
ENDS
Contacts:
Colin Seccombe
Chief Executive
Tel: 0191 244 2209
email:
colin.seccombe@newcastle.co.uk
Angela Russell
Deputy Finance Director
Tel: 0191 244 1593
email:
angela.russell@newcastle.co.uk
Press Contact:
Richard Hall
Corporate Communications Assistant
Tel: 0191 244 1522
Email:
richard.hall@newcastle.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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