Nationwide profits double

Profits were down seven percent.

Nationwide profits have more than doubled.

Profits jumped from £361m last year to £853m for the six months ending in September.

Chief financial officer Chris Rhodes said: “During the pandemic, strong demand for mortgages, coupled with macro-economic uncertainty, led to higher margins on mortgage lending.

“This resulted in significantly higher income, and a very strong overall financial performance,”

Chief executive Joe Garner said: “These have been very popular, resulting in a successful ISA season, increased deposits, higher mortgage lending, and a larger share of the current account market.”