24 May 2016

Nationwide Financial Results 2016

More than 57,000 people bought their first home with the help of Nationwide last year – accounting for one in six of all first time buyers – a year that saw us lend more money to help people into a home of their own since before the 2007 financial crisis.

This is just one of the standout figures from our full year results for 2015 to 2016. It's a performance that reflects our long term focus on putting members first with great products and excellent customer service.

Rewarding Loyalty

As well as helping homebuyers, we also helped the UK’s savers, with our members entrusting us with £6.3 billion more of their savings, including almost 200,000 new Loyalty accounts

More people opted to manage their money with us too by choosing one of our current accounts, opening over half a million new ones during the year. This now accounts for over 7% of the current account market.

Safeguarding our future

Our new CEO, Joe Garner, believes the results show the difference being a building society makes to our members’ lives. He explains: “I believe it’s our mutual model that enables us to take a long term view that results in leading customer satisfaction outcomes that drive financial performance." 

"Nationwide is a building society and is, therefore, motivated by a powerful social purpose which has been the case for well over a century."   

“Our fundamental purpose is to help people into a home of their own and to help them save for the future. We’re owned by our members and are answerable to them. Which is why any profits we make are put immediately back to work for their benefit, whether it’s investing in excellent service, great products or our infrastructure. So, profit is obviously vitally important as it underpins our financial security, supports growth and safeguards our future for our members.”

Supporting our communities 

In addition to looking after our members’ money, we also work closely with local communities to support good causes and neighbourhood initiatives. In the last 12 months more than three quarters of our employees were involved in Citizenship activities, whilst we provided the equivalent of almost £5 million of support in the form of funding or employee volunteering.

Results infographic

Results highlights

  • Gross mortgage lending up 20% to £32.6 billion, with net mortgage lending up 28% to £9.1 billion
  • Savings balances grew by £6.3 billion
  • 525,000 new accounts opened, up by 12%, current account switching up 38%
  • We ranked number one for customer service satisfaction amongst our high street competitors, extending our lead to 7.7%
  • Underlying profit was up 9% to £1.337 billion, with statutory profit up 23% to £1.279 billion.

Want to know more?

Read our full results here.

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