Nationwide Building Society reports £1.8bn pre-tax profit, down from £2.2bn, plans £385m bonus payout and £2.9bn Virgin Money acquisition.

Nationwide Building Society reported a £1.8bn pre-tax profit for the year to April 4, down from £2.2bn the previous year, due to £344m paid to members and interest rate increases. It plans to pay out another £385m bonus to members and acquire rival lender Virgin Money for £2.9bn. The mortgage market is expected to improve due to falling interest rates and wage inflation outpacing CPI inflation.

May 23, 2024
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