Nationwide records strong profit

Nationwide Building Society has recorded strong profit growth in the first half of its current financial year but warned of uncertainties ahead.

The Swindon-based mortgage lender said pretax profit for the six months to September rose to £853m from £361m a year earlier, benefiting from growth in net interest income to £1.71bn versus £1.45bn last year, thanks to higher margins on mortgages.

Chief executive Joe Garner said: “Early in the pandemic we made decisions to stand by our members and to protect our financial strength. This year we continued to support our members and have delivered a very strong half year performance, with capital reaching an all-time high.”