Nationwide reported record results for the year ending 31st March 2025, helped in part by its recent acquisition of Virgin Money.
The group’s statutory profit before tax rose to over £2.3bn, after returning £1bn directly to eligible members.
Total member value reached £2.8bn, including £1bn in direct rewards through the Fairer Share Payment and The Big Nationwide Thank You.
Nationwide increased mortgage balances to £275.9bn, up from £204.5bn the previous year, with a market share of 16.2%.
Net lending through the Nationwide brand hit £15.5bn.
Additionally, the group supported 120,000 first-time buyers (FTBs), more than any other UK lender, and reported a mortgage retention rate close to 80%.
Virgin Money returned to growth in mortgage lending and saw further growth in business lending.
Deposit balances rose £67.3bn to £260.7bn, while its market share increased to 12.2%.
Deposit rates averaged 30% above the market average, and Nationwide took a 25% share of the ISA market in the last quarter.
Debbie Crosbie, group chief executive officer at Nationwide, said: “Nationwide has had an outstanding twelve months.
“We returned a record £2.8bn in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.
“Statutory profit before tax increased to over £2.3bn, even after returning £1bn directly to eligible members through the Fairer Share Payment and The Big Nationwide Thank You.”
Crosbie added: “The Virgin Money performance was strong in the six months since our acquisition, with improvements in customer service and a return to growth in mortgage lending.”
Kevin Parry, chairman at Nationwide, said: “The acquisition of Virgin Money represented a significant strategic advance for Nationwide.
“It will bring the benefit of mutuality to more individuals and to business customers.”
