Mutual also reports impressive lending figures
Nationwide Building Society has posted strong annual results for the year ending March 31, 2025, highlighting growth across mortgage lending, retail deposits, and member returns, fuelled in part by the integration of Virgin Money.
The society reported statutory profit before tax of more than £2.3 billion, up from £1.78 billion in the previous year, despite returning £1 billion to eligible members through direct rewards initiatives.
Nationwide’s total mortgage balances grew to £275.9 billion, up from £204.5 billion the year prior. Its market share in mortgage balances rose to 16.2% from 12.3%, driven by £15.5 billion in net lending through its main brand.
The lender also supported 120,000 first-time buyers — the most by any lender in the UK — and achieved a mortgage retention rate close to 80%, topping the sector.
Virgin Money, acquired by Nationwide in October 2024, contributed to the group’s results for six months. The subsidiary recorded positive momentum in mortgage and business lending, along with service improvements.
Nationwide’s total member value reached a record £2.8 billion. This included direct payments under the society’s Fairer Share scheme and The Big Nationwide Thank You, each awarding £100 to over four million qualifying members.
Debbie Crosbie, chief executive of Nationwide Building Society, described the year as “outstanding,” citing gains across lending, deposits, and service quality. “We returned a record £2.8 billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances,” she stated in the mutual’s preliminary results announcement.
The group’s underlying income rose to £5.2 billion, driven by the Virgin Money acquisition. Nationwide maintained a stable net interest margin and said its cost base remained under control, with underlying costs growing slower than inflation.
“We delivered strong financial results,” said Muir Mathieson, Nationwide’s chief financial officer. “Our capital position remains robust, with low arrears and a CET1 ratio of 19.1% and leverage ratio of 5.2%.”
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