Building society 'is in profit'

A Midlands building society has said it has "lots of cash in the bank", despite the economic downturn.

Britannia Building Society, based in Leek, Staffordshire, said it is continuing to make a profit.

The society, which announced first half profits of about £50m in August, said it had gained 12,000 new members in the past month.

Meanwhile Nationwide Building Society has dismissed claims that it is looking at a takeover of the Britannia.