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Thread: Ncbs

  1. #1
    HB
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    Ncbs

    For those receiving their AGM packs wishing to make decisions on how to vote, we are asked to approve the Directors' Remuneration. Unusually, we don't get told in the SFS what they get.

    The remuneration details of individual Directors are set out in Note 7
    However, there is no note 7.

    To read Note 7 you have to get a copy of the FULL accounts. It is not surprising they are not keen on publicising the pay.

    Mr Mark Bogard and Mr Chris Fry have both received total remuneration rises in excess of 46%

    They also both got, on top of usual Salary, Pension contributions, Benefits, Performance Related Pay, and Medium Term Incentive Bonuses, and additional "Special Performance Award" of £70k and £20k respectively.


    I was also surprised to read that this one-branch Society employs 147 members of staff, 128 being full time.
    planteria and 1User like this.
    Sterling Forever.

  2. #2
    Expert planteria will become famous soon enough
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    i clocked that the information was not included in the Summary Financial Statement too, HB

    way back it was the 'biggest bag'.. it seems that the real carpetbaggers moved in & looked to dig into those assets.

  3. #3
    BiB
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    I see 2018 saw these guys report a pre-tax loss of ?14.5m on some accounting charges. Gross capital is down to 5.7% which must be one of the lowest in the sector. How things have changed from when this was the "biggest bag" with an estimated windfall of something like ?3k/member!!

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    My voting pack was branded The Family Building Society which cheesed me off a bit.


    I was most fascinated by the paragraph on future developments where they say "For example, to keep growing in the current low interest rate environment we may have to raise additional capital at some point."


    How intriguing.


    1User

  5. #5
    Expert planteria will become famous soon enough
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    agreed. perhaps watching this space is in order.

  6. #6
    BiB
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    The other one to watch is Saffron IMO - there were some nasties in their 2018 financials too. A ?2.2m negative adjustment to reserves for an accounting error because they recognised some income too early, and a ?3.7m charge to income relating to equity release mortgages. For context, PBT was ?4.3m in 2017 and ?1.6m in 2018.

    In the words of the CEO:

    The impact of the EIR error and the change of basis
    of the valuation of our equity release mortgage book
    coupled with the introduction of the revised capital
    buffers required by the regulator on 1 January 2019,
    have impacted our capital reserves and will impact
    the ability of the Society to build upon the growth
    experienced in 2018. We have responded by initiating
    a plan that will strengthen our capital reserves
    through a combination of reducing costs whilst
    managing the size of the balance sheet. Further
    discussion about regulatory capital position is in the
    capital section on page 18 of the Strategic Report.

  7. #7
    BiB
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    To add - they also announced today that 3 of the 11 branches will be closing (Dunmow, Sawbridgeworth and Frinton).

  8. #8
    Expert planteria will become famous soon enough
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    interesting BiB. they are clearly taking the cost cutting seriously.

  9. #9
    BiB
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    I like this in the Q&A, which doesn't seem completely consistent with the CEOs comments on "initiating a plan that will strengthen our capital reserves through a combination of reducing costs whilst managing the size of the balance sheet"


    Q. Is this part of a bigger cost-cutting exercise at Saffron – is the society in trouble?

    A. Not at all. Saffron is a robust building society and our continuing strong financial performance means we are not in trouble. This is not part of a bigger cost cutting exercise, but we do have to ensure each of our branches operates in a cost-effective manner and, if they are not, we have a responsibility to take appropriate action.

  10. #10
    Expert planteria will become famous soon enough
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    it's not really 'wrong', but i take your point. in fairness, it reads to me as though they are dealing with their challenges properly.


 

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