Nationwide sees profits grow as 123,000 customers switch to the bank

(Source: Reuters)

Nationwide has announced preliminary results for the year ended 4 April (release). The mutual reported that statutory profit before tax had risen by three per cent to £210m and a core tier 1 capital ratio of 12.3 per cent.

The bank saw 123,000 customers switch to its services as several larger banks were embroiled in scandals this year, an increase of 58 per cent on last year. Gross mortgage lending rose by 17 per cent to £21.5bn, bringing the bank's market share to a record 15.1 per cent.

Chief executive Graham Beale:

The weak economy has continued to undermine the performance of our commercial real estate portfolio, which has been impacted by weak tenant demand. Our strategy is to work with the borrowers over the medium term, to keep them in business and to protect the interests of our members.

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. 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.