Nationwide Building Society revealed how well its own finances are doing following a big rebrand.

After revamping its image with a new logo, advertising campaign, and an extended promise to keep its High Street branches open until at least 2026, the Swindon-based brand released its interim results at the halfway point of the financial year.

Between April 1 and September 30, 2023, the building society’s profits rose from £980m to £1,262m, and the business returned nearly all of that - £1,229m – in value to its members through better rates and incentives and the £100 Fairer Share payment given to 3.4 million customers in June.

It continues to have the highest customer satisfaction rating among its peer group for the 11th year running.

Chief executive Debbie Crosbie explained how the newly-released figures put the building society in a strong position for the future.

She said: “We provide customers with great value products, choice in the way they bank with us, and the best possible service.

"As a result, we have grown our deposit and mortgage balances, and our financial strength means we can invest in even better products and services, and increase value for our members.

“Nationwide delivered a total of £1,229m in value to our members this half year.

"This included our inaugural Nationwide Fairer Share Payment of £344m and our highest ever half-year member financial benefit of £885m from pricing and incentives that were better than the market average.

“We remain first among our peer group for customer satisfaction, and we provide choice in how customers bank with us, including through our digital channels, on the phone, or in our network of branches. 

"We passed a greater proportion of interest rate rises to savers than the market average and are investing to grow our customer base through service improvements and our current account switching incentive, which we relaunched in September 2023.

“Nationwide is performing strongly, and our strategy is to safeguard the future strength of the Society and provide a good way to bank for customers.

"We are the main challenger to shareholder-owned banks and use our mutual status to make a meaningful impact on communities and improve society.

"Our rebrand in October 2023 was the most significant in 36 years and will help us to build stronger relationships with our customers, now and in the future.”