Nationwide Building Society (NBS) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

I'm Debbie Crosby, the Chief Executive Officer, and joining me is Muir Matheson, our Chief Financial Officer. So, delighted to say that once again, we are number one for growth in mortgages and retail deposits, and we have sustained momentum in consumer lending and business banking. We remain number one for customer satisfaction with a growing lead and more people switch their personal current account to us than any other brand. All of this combined with the benefits of our acquisition of Virgin Money has led to an increase in underlying profit whilst delivering 1.2 billion of value back to our members. I'm also delighted that our successes have been recognised across the industry. Nationwide was named Witch Banking Brand of the Year and UK Brand of the Year by Kantar. Our long-standing approach to provide better value products aligned with outstanding service was once again demonstrated through strong growth despite persistent competitive pressures. Mortgage net lending exceeded 4.7 billion. That's the strongest performance across the UK banking sector in the six months period. This was led by our highly competitive mortgage pricing and an increased focus on supporting first-time buyers through our expanded helping hand proposition. We've also continued to enhance our leading digital mortgage journey combining new automated income verification and valuation tools to enable instant offers and delivering API integration with brokers to make the application process even more simple and straightforward. And our digital self-service mortgage manager platform is enabling over half of our customers to switch to our best rates at deal maturity in a matter of minutes, supporting market leading levels of retention. This was matched by market leading growth in retail deposit b...