Nationwide Building Society announced a £410 million bonus for over four million members due to a successful year marked by profitability and growth. The £100 payout per qualifying member is part of the society's 'Fairer Share' program, highlighting its commitment to customer loyalty. In its full-year results, Nationwide reported profits of £2.3 billion, boosted by their acquisition of Virgin Money and significant increases in mortgage lending activity. The chief executive emphasized the advantages of mutuality, enabling the society to reward members while pursuing strategic growth.
The record performance was helped by its £2.9 billion acquisition of Virgin Money, which completed in October, and a boom in mortgage activity.
Debbie Crosbie, the society's chief executive, said the strong performance gave the mutual the financial firepower to both reward members and pursue strategic growth.
The £410 million 'Fairer Share' payout - the third consecutive annual bonus to qualifying members - was revealed in Nationwide's full-year results.
Nationwide said the bonus reflects its commitment to rewarding customer loyalty and passing on value, with £1.8 billion returned to members.
#nationwide-building-society #virgin-money #financial-performance #mortgage-lending #customer-loyalty
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