The Nationwide Building Society has published its interim results for the first six months of the year.
Gross mortgage lending increased by 17% to £17.5 billion, a market share of 14.5%. In addition, member deposit balances rose by £4.7 billion.
The mutual posted its best ever net mortgage lending figure, up 46% to £6 billion with record gross prime lending of £14.7 billion, up 23%.
The Nationwide has accounted for one-third of UK net mortgage lending over the past five years and helped a record number of first-time buyers this year, up 50% to 38,600.
Finance director, Mark Rennison, said: “Statutory profit for the period was £696 million and underlying profit was £615 million, both of which include a gain of £100 million on the disposal of our stake in Visa Europe. Our profit performance has reduced in line with our expectations and reflects continued margin pressure due to the prevailing low interest rate environment and the conscious decisions we have taken over recent years to support our members.
“We have also increased investment in our products and services for the long term benefit of our membership consistent with our position as the leader for customer service on the high street.”
