Nationwide says "mutuality" equals success

The building society says its total assets have doubled in the five years since members voted in 1998 for Nationwide to stay mutual. Revealing its annual figures, the group suggests pre-tax profit is up 21% to £426.8bn compared with last year's total takings. Nationwide's solvency ratio is still at the same strong 11.7% level as in April 2003, the figures suggest. And the mortgage market, in particular, has proven to be a successful business area for the Society. During the past year, it has taken a 12.8% share of net mortgage advances in the UK, which is significantly higher than ...