Tuesday 21 November 2017

Nationwide first-quarter profit more than doubles


Nationwide Building Society, Britain's biggest customer-owned lender, more than doubled its first-quarter profit, it said today.

Underlying profit of £263m in the three months to June 30 was up 117pc against the same period last year.

The mutual society said its share of current accounts rose slightly to 6.4pc from 6.2pc, while member deposits increased by £1.5bn to £132bn.

Gross mortgage lending fell to £5.8bn from £6.4bn a year earlier.

Nationwide is seeking to challenge the dominance of Britain's five biggest banks, wooing customers disillusioned by scandals including the mis-selling of loan insurance and the rigging of benchmark interest rates.

However, the big five of Lloyds Banking Group, Royal Bank of Scotland, Barclays, HSBC and Santander UK continue to control about 80pc of the market for personal current accounts.

Nationwide said its leverage ratio rose to 3.7pc, ahead of a target set by Britain's financial regulator.


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