The building society has given an update after paying millions of its members £100 each earlier this year
Nationwide Building Society has released a profit update after distributing £100 each to millions of its members earlier this year. The building society reported a significant increase in value, gaining £2.3bn since acquiring rival bank Virgin Money.
Despite these positive developments, the building society reported a sharp drop in profits for the latest half-year period. Its statutory pre-tax profit fell to £568 million for the six months ending in September, down from £989 million the previous year. "However, lower interest rates and resilience in real earnings are supporting consumer finances which, if maintained, should support a strengthening in housing market activity and overall deposit growth."
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