The society upped its net mortgage lending by 28% to £9.1bn which led to underlying profit increasing by 9% to reach £1.377bn.
Nationwide increased its gross mortgage lending by 20% to reach £32.6bn in the year to 4 April, up from £27.1bn the year before.
The society upped its net mortgage lending by 28% to £9.1bn which led to underlying profit increasing by 9% to reach £1.377bn.
The society’s chief executive Joe Garner, who only joined from BT on 5 April, said he expected profit to “moderate” in the year ahead due to increased competition in the mortgage market, adding that the EU referendum will curb activity.
He said: “Uncertainty surrounding the EU referendum and the global economic outlook are likely to have some impact on UK economic activity in the near-term.
“Our central expectation is that if this uncertainty lifts and the global economy gradually strengthens, UK economic growth will move back towards its long-term trend rate of 2% to 2.5% per annum.
“The household sector is expected to remain a main driving force, underpinned by continued healthy gains in employment and rising real earnings.
“We expect the housing market to remain resilient, with any dampening of activity from modest increases in interest rates offset by a strengthening labour market and an under-supply of housing.”
In the period Nationwide provided one in six first-time buyer mortgages (57,200) in the UK and maintained its position as the second largest buy-to-let lender.
The society’s underlying costs increased by £170m to £1.796bn, while Garner "noted that the threat of cyber-attacks has increased, and will require ongoing focus and investment".
