Nationwide Building Society (NBS) Q2 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:04.718 once again attracting one in six of the overall market switchers. 00:00:04.718 -- 00:00:10.286 A key highlight this half is more than doubling openings of our refresh student proposition 00:00:10.286 -- 00:00:14.732 to achieve a 30% market share of student accounts. 00:00:14.732 -- 00:00:19.819 This demonstrates that our new brand and marketing strategy really resonates 00:00:19.819 -- 00:00:22.400 with younger customers. 00:00:22.843 -- 00:00:28.111 Despite the recent reductions in bank base rate, we have continued to prioritise value 00:00:28.111 -- 00:00:33.305 for our members. with average deposit rates over the past six months 00:00:33.305 -- 00:00:37.991 that were 30% higher than the market average. 00:00:38.236 -- 00:00:43.428 Our mortgages also remained well priced in a highly competitive market, helping to deliver 00:00:43.428 -- 00:00:49.188 record H1 growth and market-leading levels of retention. 00:00:49.188 -- 00:00:54.834 Our focus and value across core products has contributed to a record level of member 00:00:54.834 -- 00:00:59.477 financial benefit of just over 9.9 00:00:59.779 -- 00:01:04.845 billion, representing the difference between the pricing of our members enjoyed compared 00:01:04.845 -- 00:01:07.748 to the average of the rest of the market. 00:01:07.748 -- 00:01:13.354 When also taking into account June fairer share payment of 385 million, 00:01:13.354 -- 00:01:20.204 this totals our record 1.3 billion of value for our members. 00:01:20.204 -- 00:01:25.049 As you will all know, our branch network remains fundamental to supporting 00:01:25.049 -- 00:01:26.711 our customers. 00:01:26.711 -- 00:01:31.737 Our branch promise means that we have committed to closing no branches until at least 00:01:31.737 -- 00:...