Britannia Building Society has announced that £53,000,000 of profits is to go back to its customers through their bonus scheme. This scheme, launched six years ago, works annually by returning profits to customers.
It is estimated that over 1,000,000 customers will get the bonus this year. It is estimated to be around £51 per customer and includes an extra bonus this year, due to Britannia selling its shares in Britannic Asset Management. Over the last 6 years a total of £250,000,000 has been repaid to customers of the scheme.
Comment: another interesting twist in the demutualisation debate.