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Nationwide posts 83% increase in profit

Nationwide announced its half-year results for 2014/15 with an 83 per cent increase in underlying profit to £606m, chief executive Graham Beale has said.

“We have delivered a strong financial performance with underlying profit increasing by 83 per cent to £606m, underpinning our already strong capital position.

“As a result, our common equity tier-one ratio has risen to 17.6 per cent, which underlines our position as a safe and secure financial services provider for our members,” he said.

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The mutual’s gross mortgage lending standing was £13.1bn, down from £14bn, equating to a market share of 12.2 per cent.

It also reported net lending figures of £3.6bn, down from £5.6bn, equating to a market share of 24.8 per cent.