Nationwide returned a record £2.8 billion in value to its members, driven by a landmark year for mortgage lending and retail deposits, alongside a new £100 Fairer Share Payment to over four million eligible customers.

The UK’s largest mutual posted a record statutory pre-tax profit of £2.3 billion, even after allocating £1 billion in direct payments to members and delivering an additional £1.8 billion in above-average savings rates and incentives.

Mortgage balances surged to £275.9 billion, up from £204.5 billion last year, as the society achieved record net lending of £15.5 billion.

FIRST-TIME BUYERS

Nationwide also helped 120,000 first-time buyers, more than any other UK lender, while maintaining a mortgage retention rate of nearly 80%, believed to be the highest in the sector.

Nationwide’s share of the UK mortgage market rose sharply to 16.2%, from 12.3% the previous year,

Innovations such as automated income verification and 20-minute mortgage offers contributed to a significant uptick in younger borrowers, including a 25% share of the student account market.

SAVINGS BOOSTED

Elswhere retail deposit balances rose by £67.3 billion to £260.7 billion, boosting Nationwide’s savings market share from 9.5% to 12.2%. The society also claimed a 25% share of the ISA market in Q4, with average deposit rates 30% above the national average.

Announced today, the third Fairer Share Payment will distribute £100 to eligible members who use Nationwide for both everyday banking and a qualifying savings or mortgage product. Payments will land between 18 June and 4 July.

Nationwide is also launching a market-leading 5% Member Exclusive Bond and a £200 switching incentive for members moving their main account.

HIGHEST EVER MORTGAGE LENDING

Chief Executive Debbie Crosbie said: “We’ve had an outstanding 12 months – returning £2.8 billion in value to members and recording our highest-ever growth in mortgage lending and deposits. Our continued investment in service and technology is delivering stronger outcomes for all.”

Nationwide also extended its Branch Promise to 2028, while simultaneously growing digital engagement, with an 11% increase in app usage and over 30 new features added across its apps.