Nationwide Building Society (NBS) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to Nationwide Building Society. Good morning to everyone and welcome to Nationwide Building Society's Interim Results Call. I'm Debbie Crosby, the Chief Executive Officer, and I'm joined today by Chris Rhodes, our Chief Financial Officer, Muir Matheson, our Deputy CFO and Treasurer, and Robert Gardner, our Chief Economist. We have delivered a strong financial performance in uncertain economic environment and our underlying profit before tax is up 29% to 1.262 billion for the first half. We provide customers with great value products, choice in the way they bank with us and the best possible service. As a result, we've grown our deposit and mortgage balances and our financial strength means that we can invest in even better products and services to increase value for our members. We are reporting our highest ever half-year member financial benefit of £885 million, which means that including our first member fairer share payment in June, we have delivered 1.2 billion of value to our members and evidence of our strategic commitment to rewarding our members. You will have seen that we've extended our branch promise to not leave any town or city in which we are based until 2026. And we now are delighted to say that we have the largest branch network by brand in the UK. We believe these things demonstrate the benefit of a mutual model and are also reflected in our customer satisfaction scores where we have remained first among our peer group for over 11 years and extending our current lead to 5.2%. We recognise the challenges facing our customers in the current environment and have continued our cost of living helpline as well as delivering the changes in line with the government's mortgage charter we've proactively contacted 1.3 million customers to explain the su...