UK building society Nationwide has reported a 32% rise in pre-tax profit to GBP336 million, a record profit, for the first half of the year ending September 30, 2006. The impressive result was boosted by a 50% increase in mortgage lending, the company said.
Mortgage lending rose by 50% to GBP5.9 million, up from GBP4 million for the same period the previous year, with overall mortgage sales 17% higher.
The growth has been accounted for by high house prices and increased buy-to-let activity, as well as Nationwide retaining more borrowers than other rival companies.
The building society, which recently announced plans to merge with lesser rival Portman, also said that its banking business remained buoyant, witht the company claiming over one in 10 of all new current accounts opened in the UK.