Nationwide Building Society (NBS) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

once again attracting one in six of the overall market switchers. A key highlight this half is more than doubling openings of our refresh student proposition to achieve a 30% market share of student accounts. This demonstrates that our new brand and marketing strategy really resonates with younger customers. Despite the recent reductions in bank base rate, we have continued to prioritise value for our members. with average deposit rates over the past six months that were 30% higher than the market average. Our mortgages also remained well priced in a highly competitive market, helping to deliver record H1 growth and market-leading levels of retention. Our focus and value across core products has contributed to a record level of member financial benefit of just over 9.9 billion, representing the difference between the pricing of our members enjoyed compared to the average of the rest of the market. When also taking into account June fairer share payment of 385 million, this totals our record 1.3 billion of value for our members. As you will all know, our branch network remains fundamental to supporting our customers. Our branch promise means that we have committed to closing no branches until at least 2028. And we continue to see tangible benefits from investing in our branches. For example, we saw 35% of all new current account openings over the last six months taking place in a branch. Whilst we are committed to our face-to-face services, we are continuing to enhance and improve our digital services at pace to ensure that we really can deliver on giving our customers the choice of how they want to bank with us and simply brilliant service across all our touchpoints. Our digital service mortgage manager platform is used by over half of our customers at dual maturity ...