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Nationwide profits leap to £677m Nationwide profits leap to £677m
(35 minutes later)
Nationwide building society has reported a four-fold increase in pre-tax annual profits to £677m compared with £168m a year earlier Nationwide building society has reported a four-fold increase in pre-tax annual profits to £677m, compared with £168m a year earlier.
The mutual said mortgage lending increased 31% to £28.1bn on the back of the the recovery in the housing market. The mutual said mortgage lending increased 31% to £28.1bn on the back of the recovery in the housing market.
Savers' deposits rose by £4.9bn an increase of 12.1% on a year earlier. Savers' deposits grew by £4.9bn to £130.5bn, equal to 12.1% market share.
Nationwide's chief executive,, Graham Beale, said the mutual continued to offer "a clear and compelling alternative to the established banks". Nationwide's chief executive, Graham Beale, said the mutual continued to offer "a clear and compelling alternative to the established banks".
Mr Beale added: "Our performance over the past year is in line with our strategy of being a modern mutual: looking after the needs of savers, home owners and providing a whole range of financial services and products."
Underlying pre-tax profits rose 113% to £924m in the year to 4 April from £433m a year earlier.
New and existing customers opened more than 430,000 new current accounts, an 18% increase compared with a year before.
Nationwide said it had increased its overall market share of current account customers to 6.2% in February - the most recent figures available - up from 5.7% a year earlier, helped by new rules that make it quicker and easier for people to switch their current account to another provider.
The mutual said it had approved 31% of all mortgages advanced within the government's Help to Buy scheme, designed to help first-time buyers on to the property ladder.
But it added the number of mortgages it advanced to borrowers with a deposit of 10% or less of a property's purchase value - which would account for a majority of first-time buyers - remained low, at 2.4% of its total lending for the year.