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Nationwide mortgage lending share at record high Nationwide mortgage lending share at record high
(about 1 hour later)
The UK's largest building society, Nationwide, has said that its share of the mortgage market has reached a record high.The UK's largest building society, Nationwide, has said that its share of the mortgage market has reached a record high.
Nationwide said gross mortgage lending had risen by 17% in the year to 4 April to £21.5bn, increasing its share of the market to a record 15.1%.Nationwide said gross mortgage lending had risen by 17% in the year to 4 April to £21.5bn, increasing its share of the market to a record 15.1%.
Statutory profit rose by 3% to £210m, up from £203m a year earlier.Statutory profit rose by 3% to £210m, up from £203m a year earlier.
However, it set aside a further £53m to cover personal protection insurance claims, taking the total to £181m.However, it set aside a further £53m to cover personal protection insurance claims, taking the total to £181m.
Raising capital
Nationwide also said it had opened 365,000 new current accounts in the year, and seen a 58% increase in the number of people switching their main "banking relationship" to the building society.Nationwide also said it had opened 365,000 new current accounts in the year, and seen a 58% increase in the number of people switching their main "banking relationship" to the building society.
Executive director Chris Rhodes said "We opened new current accounts at a rate of one thousand per day over the last year and many of these were people switching from another provider.
"These results show that Nationwide really is the main challenger to the big banks."
While the Nationwide had good news on mortgage lending, commercial lending losses doubled to £493m, which the building society attributed to "the continuation of negative sentiment toward commercial real estate and the uncertainty surrounding the economic outlook in the UK".
In a conference call following the release of its results, chief executive Graham Beale announced the society's intention to raise "a few hundred million" in additional capital during the next year.
He said that Nationwide did not need to raise extra capital to meet regulatory demands, but was raising the money for strategic reasons.
"We do think it's important that we've got access to capital from a strategic viewpoint, either to respond to some shock to our system or for some inorganic opportunity or an accelerated growth plan" he said.