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Investing.com - Nationwide Building Society (LON:NBS) reported full-year results on Friday, announcing that it returned £2.8 billion in value to its members.
Nationwide reported statutory profit before tax rose to £2.3 billion for the year, even after returning £1 billion directly to members through previous initiatives.
The society said it delivered £1.8 billion in better-than-average rates and incentives, with deposit rates over 30% higher than competitors.
As part of its member benefits, Nationwide announced a new Fairer Share Payment of £100 to over 4 million eligible members.
The payment will go to those who use Nationwide for everyday banking and hold a qualifying savings or mortgage product.
Additionally, Nationwide is launching a Member Exclusive Bond offering a 5% interest rate, as well as a £200 switching incentive for new current account customers.
It reported a 4% YoY increase in branch visits to 5.7 million, with over 30% of new current accounts and 40% of ISAs opened in branches last year.
Nationwide also saw an 11% increase in mobile app usage and added over 30 new features to its digital banking platforms.
The society said it attracted more than a quarter of the student current account market and helped more first-time homebuyers than any other UK lender during the period.
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