Nationwide Building Society delivers stronger than anticipated performance

Nationwide Building Society today revealed that its financial performance over the last year was better than anticipated, as it warned about the impact of rising energy bills and inflation.

The mutual also revealed that Debbie Crosbie is to succeed Joe Garner as chief executive next month.

Underlying profit increased to £1,604m in the year ended 4 April, compared with £790m, the year before as the Nationwide revealed that it helped more than 87,000 first time buyers into homes.

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The mutual said this performance was underpinned by a high member demand for mortgages, savings and current accounts.

Nationwide Building Society today revealed that its financial performance over the last year was better than anticipated, as market conditions recovered more strongly than expected.Nationwide Building Society today revealed that its financial performance over the last year was better than anticipated, as market conditions recovered more strongly than expected.
Nationwide Building Society today revealed that its financial performance over the last year was better than anticipated, as market conditions recovered more strongly than expected.
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Kevin Parry, Chairman, Nationwide Building Society, said: "Nationwide has emerged from two years of a pandemic with a thriving membership, strong profitability and enhanced financial strength, thanks to the sound decisions made by the society's leadership team.

"These strengths will stand the society in good stead, as we transition to a new leadership team and respond to new geopolitical uncertainties. We've announced today that Debbie Crosbie will succeed Joe Garner as CEO on 2 June, and I would like to take this opportunity to thank Joe, and David Roberts, my predecessor as chair, for their dedicated leadership of the society. The society has remained true to the values and ethos of mutuality, and we face into another period of uncertainty from a position of strength.

Mr Parry said: "I know society as a whole is appalled by the devastating human crisis that is unfolding in Ukraine. Nationwide has directly, and through its members and colleagues, supported the Red Cross's fundraising.

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"We will continue to plan for geopolitical risks and economic pressures arising directly and indirectly from the war in Ukraine, notably the rising energy bills and inflation, which are intensifying pressure on household budgets, which are already under strain. Given our financial strength, we are well-positioned to manage these impacts, as well as to evolve our services to meet our members' changing needs."

Joe Garner, Chief Executive, Nationwide Building Society, said: "Our financial performance for the year was better than anticipated, as market conditions recovered more strongly than expected over the course of the year, leading to significantly higher profits. As a mutual, these profits are retained for the benefit of our members, to support future lending, provide value to savers, and enable investment in the society and its services for the future. In a fast-changing world, our financial strength gives the society's new leadership team the solid foundation from which to shape the Society's future direction in our members' interests."