Half-year earnings surge at Nationwide.


Nationwide posted a surge in half-year earnings on Thursday, despite a dip in mortgage lending, as the building society continued to benefit from its £2.9bn takeover of Virgin Money.

A Nationwide branch

Source: Sharecast

The 2024 acquisition helped lift total underlying income to £3.1bn in the six months to 30 September, up from £2.1bn a year previously.

Underlying pre-tax profits climbed to £977m from £959m, while the net interest margin was 1.58%, compared to 1.5% in 2024.

The common equity tier one ratio was 18.4%.

Retail deposit balances rose £5.3bn during the period to £266bn, helping Nationwide maintain its market share of 12.2%.

Net mortgage lending, however, fell to £4.7bn from £6.3bn, after changes to stamp duty in April 2025 saw a spike in mortgage market completions in March.

Nationwide is the UK’s second-biggest mortgage lender after Halifax-owned Lloyds Banking Group.

Debbie Crosbie, chief executive, said: "Once again, Nationwide is number one for growth in mortgages and retail deposits.

"We’re also number one for customer satisfaction, our lead is growing, and more people switched their current accounts to us than any other brand."

Looking to the rest of the year, Nationwide said plans for the integration of Virgin Money were "progressing well".

It continued: "The outlook for growth, inflation and interest rates remains dependent on reactions of households and businesses to economic and fiscal policies.

"The housing market, business activity and growth in deposits have all remained resilient and household finances remain healthy."

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