Annual profits at Swindon-based Nationwide Building Society have quadrupled on spiralling house prices.
Pre-tax annual profits soared to £677m, compared with £168m a year earlier, while mortgage lending increased 31% to £28.1bn. Savers’ deposits rose by £4.9bn to £130.5bn.
Chief executive Graham Beale said: “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.”
He said the housing market could be facing a correction. 
Underlying pre-tax profits rose 113% to £924m in the year to 4 April from £433m a year earlier.
