Nationwide is sharing £340m windfall with customers amid huge 40% jump in profits

NATIONWIDE is sharing a £340million windfall with customers after reporting a 40 per cent jump in profits.

The UK’s biggest building society is owned by 3.4million members who have a mortgage or current account with them.

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 A £100 “Fairer Share Payment” will be paid directly into eligible accounts next month.

And Nationwide indicated it planned to make further annual rewards in the future — as long as it is performing well.

The business has tended to use profits to offer better rates on savings and loans for its members. It indicated that the payout was influenced by the cost-of-living crisis. Last year it used profits to set up a cost-of-living helpline for customers.

Boss Debbie Crosbie said Nationwide was able to return its profit to members “because of our financial strength and the fact we’re a building society, not a bank, so our profit is used for our members’ benefit”.

Nationwide has also launched a “Fairer Share Bond” paying 4.75 per cent — higher than the current base rate of 4.5 per cent.

The business reported a rise in profits to £2.2billion on the back of higher interest rates. However its mortgage-lending fell by £2.9billion to £33.6billion.

The building society exten- ded its promise not to close any more branches this year, unlike other high street lenders who have shut hundreds.

Cider boss off

THE boss of Magners cider maker C&C has quit after a botched IT upgrade cost the business £21million.

C&C said it had encountered significant challenges that knocked profits and customer service in its drink distribution arm.

Shares fell 14 per cent despite the rest of the business performing well.

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