Nationwide posts profits boost as interest rates bolster income
Nationwide posted a boost in payouts to members in the six months to the end of September as rising interest rates provided a lift to profits.
The freshly rebranded building society said today it had delivered £1.23bn in value to its members as underlying profit ticked up to £1.26bn, up £980m last year.
Like other lenders, rising interest rates have bolstered growth and the firm’s total underlying income rose to £2.45bn from £2.19bn last year,
Chief Debbie Crosbie said the firm was “performing strongly” and its strategy was to “safeguard the future strength of the society and provide a good way to bank for customers”.
“We are the main challenger to shareholder owned banks and use our mutual status to make a meaningful impact on communities and improve society,” she added.
“Our rebrand in October 2023 was the most significant in 36 years and will help us to build stronger relationships with our customers, now and in the future.”
Nationwide has been on a major brand overhaul and advertising offensive in recent months but has reportedly ruffled feathers with its jibes at other banks slashing their branch footprint.
The firm said today it had extended its “branch promise” to not leave any town or city in which it is based until at least 2026.
It now operates the largest single-brand branch network in the UK, with 23 per cent of savings accounts were opened in branches this half year.