Nationwide says it has helped 58,100 first time buyers, grown member deposit balances by £4.9 billion and increased the number of current account openings by 18%, as the group posts its 2013/14 full year results.



Key highlights include:

• Gross mortgage lending was up 31% at £28.1 billion, accounting for 14.9% of all residential mortgage lending

• Net mortgage lending increased 52% at £9.9 billion

• Increased support for first time buyers by 37%, helping 58,100 take their first steps into home ownership.

• Nationwide’s Save to Buy proposition offers access to 95% LTV mortgages and has 45,000 signed up. Higher LTV lending above 90% LTV remains low, representing 2.4% of the total value of Nationwide’s lending during the year


• Three-month residential mortgage arrears ratio of 0.63%, below the CML industry average of 1.59%

• The average indexed Loan to Value of its residential mortgage book is 48%, down from 51% in 2013

• Member deposit balances grew by £4.9 billion to £130.5 billion – a 12.1% share of the balance growth in the UK savings market



Graham Beale, Nationwide’s Chief Executive, said: "Over the past year we have lived up to our mutual heritage as a building society, delivering real benefits to our members, while ensuring the strength and security of our business. We run the Society in a prudent manner which puts the needs of our members at the heart of everything we do. These results are proof that the mutual model can thrive."

"We have continued to help our members save, buy their own homes and make the most of their money while leading the way in service, satisfaction, trust and fairness. At the same time our excellent financial performance and the successful achievement of a 3% leverage ratio, well ahead of plan, shows Nationwide has emerged from the financial crisis in better shape than ever."

(IT)