Nationwide reports fall in mortgage lending
Its market share also shrank to 11.4% from a strong period last year when it was 15.5%.
But the society was boosted by a rise in current accounts and savings deposits as underlying pre-tax profits more than doubled to £263 million from £121 million in the same period last year.
Graham Beale, Nationwide’s chief executive, said: “Following on from a robust financial performance last year, our first quarter has delivered another strong set of results, with underlying profits up 117% at £263 million and statutory profit up 141% at £253 million. As a result, we have continued to strengthen our capital position with our CET1 ratio now standing at 16.3% and our leverage ratio increasing to 3.7%.
“Nationwide has continued to help members to save, buy their own homes and manage their money in a way that suits their needs. As a result, member deposits increased by £1.5 billion, we grew our share of current accounts to 6.4% and we supported the housing market, helping over 23,000 people to buy their home, with gross mortgage lending of £5.8 billion.
“In line with our focus on customer service we have sustained our position as number one for customer service satisfaction, where our lead over our high street peer group has increased over this period.”