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Nationwide drives gross mortgage lending up 16%

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  • 12/02/2016
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Gross mortgage lending at Nationwide rose 16% to £23.6bn in the nine months to 31 December, helping to push its market share up from 13% to 13.5% against last year.

Underlying profit at the building society also increased by 15% to £1.13m, while statutory profits climbed 19% to £1.12m.

Nationwide’s interim management statement said proposition changes and increasing support for first-time buyers had contributed to its improved performance. It attributed strong growth in its financial results to competitive rates for mortgages in recent years.

Last year Nationwide announced plans to drive up its direct mortgage sales capacity by fitting immediate mortgage appointment technology in around 400 branches.

At the time of the announcement Nationwide said its split of intermediary and direct mortgage sales was broadly in line with the wider market, with a two-thirds versus one-third split in favour of the intermediary channel.

The lender’s latest statement said it was continuing to expand the video link service, Nationwide Now, which connects branches to consultants based across the country. It has now completed its delivery of over 400 installations into the branch network.

Graham Beale, Nationwide’s chief executive, said: “Nationwide has continued with the success reported at the half year, with the third quarter performance demonstrating the strength of our franchise and proposition across all of our principal markets.

“This success is the result of continued investment in our products, our branches, our digital channels and our services. As a building society, our primary focus is on our members, and notwithstanding the continued low interest rate environment, we will continue to invest in the society and our member proposition going forward.”

Last year Nationwide announced that ex-HSBC boss Joe Garner had been appointed to take over as Beale’s successor. He will join the lender as chief executive from 5 April.

Beale added: “I am proud to have led the Society for the last nine years and to have played my part in demonstrating that Nationwide is a compelling alternative to the established banks. I remain confident and excited about what Nationwide can offer in the future and I wish Joe every success.”

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