Nationwide sees huge rise in profits

<p>Nationwide building society has seen a huge rise in profits for the six months to September.</p>

The building society Nationwide has seen a significant rise in profits in the six months leading to September.

It reported a 155 per cent rise in half-year underlying profits, reaching £332 million up from £130 million during 2012. The building society had seen benefits from increased lending and customers switching to its services.

A total of 214,000 new current accounts were set up during the first six months of its fiscal year, including 54,000 who had switched from rivals.

Gross mortgage lending rose by 37 per cent during this time to £14 billion while net lending increased 75 per cent to £5.6 billion.

Nationwide is the biggest customer-owned lender in the UK as well as the third biggest mortgage lender.

The building society now has a six per cent share of the market for main standards and packaged accounts, which is the highest it has ever seen.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.