Nationwide profits rise as it gains customers from banks

 
Suzie Neuwirth

NATIONWIDE today announced a three per cent rise in profits, as customers choose the building society over traditional banks.

The company said that 123,000 customers had switched their main banking relationships, a 58 per cent increase on last year.

Nationwide’s statutory pre-tax profits were £210m this year, while its underlying profit rose 56 per cent to £475m.

Nationwide is uniquely well placed to meet the demands of the growing number of customers who are seeking a genuine and viable alternative to the established banks,” said chief executive Graham Beale.

“We have a proven track record in delivering great products and great service, backed by industry leading technology and a culture that naturally aligns with providing the right outcomes for our members. We look forward to sharing the benefits of mutuality with a growing number of members over the coming years.”