Nationwide profits up as public supports building societies

Tim Wallace
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BRITAIN’S biggest building society yesterday reported a boom in new customer numbers and in profits as dissatisfaction with banks pushed more savers and borrowers towards the group.

The Nationwide saw statutory pre-tax profits rise 3.4 per cent to £210m in the year and underlying profits leap 56 per cent to £475m.

Underlying income jumped 18 per cent to £2.52bn while underlying expenses edged up 5.7 per cent to £1.38bn in the year.

It opened an average of 1,000 new accounts per day in the year and saw a 58 per cent rise in customers transferring their current accounts, and net mortgage lending rose 140 per cent to £6.5bn. And it gave credit to 42,000 first time buyers, up 75 per cent on the year and giving the group 75 per cent of the market.