Profits have soared at Swindon-based Nationwide Building Society as the strong housing market pushed up its mortgage lending to record levels.
The mutual lender, which employs 7,000 people across its three sites in Swindon, chalked up a 26.8% increase in pre-tax profits to £801m in the six months to the end of September. 
Gross mortgage lending climbed by 14% over the same period to £14.9bn, lifting Nationwide’s market share to 13.2%.
Nationwide, Britain’s second-largest mortgage and savings provider, also attracted more than a quarter of a million new current account customers and increased its savings balances by £2.6bn.
Nationwide said the results demonstrated it was possible to offer a strong mutual alternative to the established banks. It also said its continued growth would create a further 400 jobs across the region.
Chief executive Graham Beale said: “This has been our best ever half year of mortgage lending along with a strong inflow of savings and the opening of over a quarter of a million new current accounts. Our first half performance reflects the growing strength and security of the society with all of our core product areas delivering standout results.
“We have also continued to deliver better customer satisfaction than our banking peers, achieved excellent financial results and further improved our capital position. All this has been achieved in the face of fierce competition and by continuing to invest in innovative services and long-term good value products for new and existing members.
“This confirms that we are the genuine alternative to the banks for those customers looking for a broad range of good quality products and leading customer service. Mutuals, like Nationwide, are different to the banks. We serve a social purpose by providing a safe home for savers and finance for home ownership. We are more risk-averse and are owned by our members. Nationwide is evidence that you can be successful by doing the right thing.”
Nationwide said it remained first for customer satisfaction among its peer group and represented just 2.1% of industry complaints to the Financial Conduct Authority despite its size and market activity.
As a major employer in the area, Nationwide plays a big part in the local community. This financial year, employees from all three Swindon sites have raised upwards of £240,000 for charity and put in 20,000 hours of volunteering.
In September, employees and members at its Pipers Way headquarters came together to break the World Record for the World’s Largest Tea Party in celebration of Macmillan Cancer Support’s 25th World’s Biggest Coffee Morning. Combined, Nationwide employees managed to raise to raise more than £150,000 for the Charity in September.
