Nationwide reports strong mortgage and savings results

20 May 2005
Building society Nationwide has announced that its pre-tax profits soared by 21 per cent to £517.1 million in the year to April 4th 2005.

The company said it has seen strong growth in its customer base over the year, with its mortgage and savings products performing particularly well.

Nationwide reported that total assets increased by ten per cent to £111.6 billion over the year and gross capital was up 15 per cent to £7.1 billion.

The group said its share of the retail savings market rose by nine per cent and more than one million Nationwide credit cards were now in issue. Gross unsecured personal loan lending was up by 23 per cent to £1.1 billion and the total number of current accounts passed the three million mark last year.

Nationwide also welcomed strong mortgage figures for the year and unveiled a new £300 million branch and service investment programme.

Philip Williamson, Nationwide chief executive, said: "These results provide clear evidence that more and more people are defecting from the banks and choosing to do business with Nationwide because we give them a better deal.

"However, it's not just the value we deliver in our core product areas of mortgages and savings that's been appreciated; current accounts, personal loans and credit cards are all surging ahead very positively."

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