The Nationwide Building Society has reported that its gross mortgage advances reached £32.6 billion, a 13.7% market share, during its financial year 2015/2016.

This was a 20% increase on the previous year.

Net mortgage lending totalled £9.1 billion, a 21.4% market share.

The UK’s largest building society helped 57,200 first time buyers into a home of their own, one in six of all such cases in the UK.

In addition, during the four years to 4 April 2016, Nationwide accounted for over one third of net lending in the market.

David Roberts, Nationwide chairman, said: “These results are a testament to always putting our members first. I would like to thank Graham Beale for his huge contribution to the Society which has left the business in great shape, prospering as a modern mutual and I wish him well for the future.

“I am delighted to welcome Joe Garner as Nationwide’s new chief executive. Joe stood out as someone with a deep understanding of the sector, who has championed customer interest throughout his career, and who will set the strategic direction for the Society and our people.”

Underlying profit for the year was £1.337 billion, an increase of 9% and statutory profit before tax was £1.279 billion, an increase of 23%.

Garner said: “Nationwide has demonstrated that outstanding customer service is the most sustainable path to excellent business performance. It’s a credit to the management and people of the Society that they have consistently understood this and organised Nationwide around this principle. As a result, last year we lent more money to help people into a home of their own than since before the financial crisis in 2007.

“More people are also choosing to manage their money with Nationwide, with over half a million new current accounts opened in the year.  And our loyalty accounts and regular savings offering has led to an increase in member deposit balances of £6.3 billion.

“It is my privilege to have been asked to lead an organisation which has consistently demonstrated that it is possible to be successful by doing the right thing. Our mutual status creates an ownership model that allows us to take a long term view and make decisions in the best interests of our members. This, and our talented people, is Nationwide’s strength and our opportunity.”