Nationwide profits up 54% to £1.04bn and is now second biggest mortgage lender

It’s been a great year for the building society

Nationwide building society has increased profits by 54% and is now the UK’s second biggest mortgage lender.

Profits reached £1.04bn in the year to 4 April 2015, compared with the previous year’s £677m.

The increase was down to “lower retail funding costs and the growth in retail assets”, Nationwide said.

The lender had a 31.2% share of the mortgage market - net mortgage lending totalled £7.1bn, down from £9.9bn a year earlier.

Chief executive Graham Beale announced he would retire next year after nine years running Nationwide.

He said: “Nationwide is in great shape and is demonstrating how a mutual building society can make a real and refreshing difference in the financial services sector.

“Succession of leadership is best dealt with from a position of strength and hence the time has come for the society to identify and appoint its next chief executive. In the meantime, there is lots to do and there are exciting opportunities ahead, so it is very much business as usual.”

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