Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
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  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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WestBromwich BldgSoc (WBS)

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Friday 01 June, 2007

WestBromwich BldgSoc

Final Results

West Bromwich Building Society
01 June 2007



West Bromwich Building Society has, for the 10th consecutive year, announced an
outstanding financial performance - one of the best in the whole sector.



Performance Highlights



•        Growth of 15.4% to a record £8.3bn assets.
•        Mortgage assets under management up 18% to a record £6.7bn.
•        Gross lending up 15.8% to a record £2.5bn.
•        Net savings balances up by £550m to a record £4.5bn.
•        Subsidiaries pre-tax profit up 25% to a record £22.8m.
•        Society management expense ratio down to a record 0.66%.
•        Pre-tax profits up by 14.5%.


These impressive results have enabled the Society to share a record £34.1m this
year (£30m in 2005/6) with members through better investment rates, loyalty
mortgage rates and other benefits to members.




Consolidated Income Statement
for the year ended 31st March 2007
                                                                                         2007            2006
                                                                                           £m              £m

Interest receivable and similar income                                                  412.7           343.2
Interest expense and similar charges                                                  (344.8)         (282.6)

Net interest receivable                                                                  67.9            60.6

Fees and commissions receivable                                                          19.9            18.3
Fees and commissions payable                                                            (2.7)           (5.2)
Total gains on investment properties                                                      6.3             3.8
Other operating income                                                                    8.6             9.4

Total operating income                                                                  100.0            86.9
Administrative expenses                                                                (47.7)          (42.9)
Depreciation and amortisation                                                           (5.6)           (5.4)
Impairment (losses)/credits on loans and advances                                       (1.3)             1.5
Provisions for liabilities                                                              (1.3)           (1.6)

Profit before tax                                                                        44.1            38.5
Tax expense                                                                            (11.3)          (11.1)

Profit for the year attributable to members of the Society                               32.8            27.4






Consolidated Statement of Recognised Income and Expense
for the year ended 31st March 2007
                                                                                         2007            2006
                                                                                           £m              £m
Available for sale investments:
                Valuation (loss)/gain taken to equity                                   (2.0)             0.5
Actuarial loss on retirement benefit obligations                                        (1.8)           (1.8)
Cash flow hedge losses taken to equity                                                  (0.1)
                                                                                                   -
Tax on items taken directly to equity                                                     1.1             0.4
Net cost recognised directly in equity                                                  (2.8)           (0.9)

Profit for the financial year                                                            32.8            27.4

Total recognised income and expense for the period                                       30.0            26.5



Group Balance Sheet
at 31st March 2007
                                                                                        2007            2006
                                                                                          £m              £m
    Assets
    Cash and balances with the Bank of England                                          11.7             8.6
    Loans and advances to credit institutions                                          207.2           342.2
    Investment securities - available-for-sale                                       1,243.8         1,031.3
    Derivative financial instruments                                                    33.4            17.8
    Loans and advances to customers:
       - Loans fully secured on residential                                          5,169.6         4,544.8
       property
       - Loans fully secured on land                                                 1,484.9         1,108.3
       - Other loans                                                                     0.3             0.3
    Intangible assets                                                                   13.4            13.8
    Investment properties                                                              114.2            96.5
    Property, plant and equipment                                                       22.3            24.5
    Deferred tax assets                                                                 10.6            10.6
    Trade and other receivables                                                          7.8             9.1

    Total Assets                                                                     8,319.2         7,207.8

    Liabilities
    Shares                                                                           4,521.2         3,975.5
    Amounts due to credit institutions                                                 287.7           242.7
    Amounts due to other customers                                                     870.0           864.9
    Derivative financial instruments                                                    14.3            10.8
    Debt securities in issue                                                         2,034.1         1,597.0
    Current tax liabilities                                                              2.5             4.6
    Deferred tax liabilities                                                             8.4             8.3
    Trade and other payables                                                            32.3            30.7
    Provisions for liabilities                                                           3.3             3.0
    Subordinated debt                                                                  161.1           112.4
    Subscribed capital                                                                  72.9            76.1
    Retirement benefit obligations                                                       4.5             4.9

    Total Liabilities                                                                8,012.3         6,930.9

    Equity
    General reserves                                                                   301.7           270.2
    Revaluation reserve                                                                  6.1             6.1
    Available for sale reserve                                                         (0.8)             0.6
    Cashflow reserve                                                                   (0.1)
                                                                                                         -
    Total equity attributable to members                                               306.9           276.9

    Total Liabilities and Equity                                                     8,319.2         7,207.8




Consolidated Cash Flow Statement
for the year ended 31st March 2007
                                                                                         2007             2006
                                                                                           £m               £m

Net cash inflow from operating activities                                              (69.1)            450.2

Tax paid                                                                               (12.1)            (9.4)
Cash flows from investing activities
     Purchase of investment securities                                              (3,725.0)        (1,663.8)
     Proceeds from disposal of investment securities                                  3,501.6          1,766.8
     Purchase of property, plant and equipment and intangible assets                    (3.2)            (2.7)
     Proceeds from disposal of property, plant and equipment                              0.2              0.1
     Purchase of investment property                                                   (14.2)           (15.6)
     Proceeds from disposal of investment properties                                      2.8              0.2
     Net new funding to subsidiaries
                                                                                  -                -
     Purchase of mortgage portfolios                                                  (166.8)          (436.3)
Net cash flows from investing activities                                              (404.6)          (351.3)

Cash flows from financing activities
     Issue of subordinated liabilities                                                   50.3            (0.1)
     Issue of subscribed capital                                                                          75.0
                                                                                  -
     Interest paid on subordinated liabilities                                          (7.3)            (5.8)
     Interest paid on subscribed capital                                                (4.6)            (2.0)
     Issue of mortgage backed loan notes                                                643.8            349.8
     Repayment of mortgage backed loan notes                                           (65.1)           (43.1)
Net cash flows from financing activities                                                617.1            373.8

Net increase in cash                                                                    131.3            463.3
Cash and cash equivalents at beginning of year                                          637.8            174.5
Cash and cash equivalents at end of year                                                769.1            637.8





Notes

 1. The financial information set out above, which was approved by the Board on
    31 May 2007, does not constitute accounts within the meaning of the Building
    Societies Act 1986.

 2. The financial information for the years ended 31 March 2007 and 31 March 2006
    has been extracted from the Annual Accounts for those years.  Annual
    Accounts for the year ended 31 March 2006 have been filed with the Financial
    Services Authority and those for the year ended 31 March 2007 will be filed
    with the Financial Services Authority following publication.  The Auditors'
    Report on the Annual Accounts for both years were unqualified.




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