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.

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