"Strong" set of financials for Nationwide
Swindon-headquartered mutual Nationwide Building Society has reported a "strong" financial performance in its first half with profits surging and underlying income up 12.7 per cent to £1.6bn.
Statutory profit more than doubled to reach almost £600m in the six months to 30 September 2014, with underlying profit also up by 83 per cent to £606m.
The society registered gross mortgage lending of £13.1bn, which equated to a market share of 12.2 per cent, with net lending at £3.6bn. Nationwide said it helped support 23,800 first-time buyers in the period.
It also increased its member deposit balance to £3.5bn and a market share of 13.8 per cent.
Chief executive Graham Beale said: "The first six months of this financial year reflect the growing strength of the society and our ability to deliver better service than our banking peers.
"We have developed new products, invested in technologies which give our members greater choice in the way they manage their financial affairs, and have rewarded loyal members with some market-leading product offers. Alongside this, we have delivered a strong financial performance with underlying profit increasing by 83 per cent to £606m, underpinning our already strong capital position."