Nationwide Building Society to open 'innovative' digital hubs following half-year results

Nationwide Building Society has revealed its half-year results to September 30 2019.

The group’s statutory profit-before-tax of £309m is said to have been adjusted to derive an underlying profit-before-tax of £307m.

There has also been a net interest income of £1.385m, which has increased from £1.438m in H1 2018/19.

Nationwide Building Society has also opened around 389,000 current accounts, around 10,000 shy of H1 2018/19. The bank has upgraded 150 branches since 2017, including 28 in the last six months.

It has also bagged new premises for digital innovation hubs in London and Swindon. The group is said to be on track to meet the launch of Nationwide for Business in 2020.

Joe Garner, chief executive of Nationwide Building Society, concluded: “In line with our expectations, our profits were lower as we invested in meeting the needs of our members, in our service and in our future.

“Our trading performance was in line with our plans. We continued to grow our mortgages, deposits and current accounts, but at a more moderate pace, as we focus on broadening relationships with our members and [meeting] their financial needs.

“As a member-owned building society we continue to make decisions in our members’ interests, to give value to members and invest in the future.”