19 May 2005
High street lender Nationwide has released its annual results today, revealing it attracts 2,500 new customers every day.
The building society reported pre-tax profit of £517.1 million, up 21 per cent on the year before, on the back of strong demand for its loan products.
Mortgage retention levels at the group have been described as excellent and unsecured personal loan lending was also up by 23 per cent.
"These results provide clear evidence that more and more people are defecting from the banks and choosing to do business with Nationwide because we give them a better deal," Philip Williamson, Nationwide chief executive, said.
"We have consistently delivered lower mortgage rates and higher savings rates than the vast majority of our competitors. However, it's not just the value we deliver in our core product areas of mortgages and savings that's been appreciated; current accounts, personal loans and credit cards are all surging ahead very positively."
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