It’s around eight years since the financial crisis kicked off, but many of the big institutions are still going through serious turmoil as they slim down and prepare for a future where they simply won’t be as big. One lender that seems to be pretty trouble-free, though, is Nationwide.
Today the building society said its pre-tax profits shot up 34% in the six months to September as its mortgage lending jumped 14% to a record high of £14.9bn. The mutual also attracted more than 250,000 new current account customers, up 13%.
'Our first half performance reflects the growing strength and security of the Society with all of our core product areas delivering standout results,' said its chief exec Graham Beale, who looks set to go out on a high when he hands over the reins to current Openreach boss Joe Garner in the spring.