Nationwide Building Society (NBS) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining us for Nationwide Building Society Full Year Results Call. I'm Debbie Crosby, I'm the Chief Executive and I'm joined this morning by Chris Rhodes, our Chief Financial Officer and Muir Matheson, our Deputy Chief Financial Officer and Treasurer. So, I'm delighted to say we have made excellent progress against the strategy that I shared with you 12 months ago. Evidence through sustained growth in our core markets, a strong service performance and enhanced member benefits. And not only do we remain number one for customer satisfaction amongst our peer group for a 12th consecutive year, but we've also increased our lead in the past year from 3.8% to 5.5%. Our approach to provide better value products means we are in the unique position of having grown both our mortgage and deposit balances, allowing us to maintain market share despite significant competitive pressures. We also continue to grow in current accounts, attracting a record number of switchers. That's one in six in the overall market switchers underpinned by our leading market-leading cashback incentive. During the year, we chose to pass on a higher percentage of base rate rises to our savers than our competitors, with our average deposit rates over the year 38% higher than the market average. Our mortgage pricing also remained highly competitive in a challenging market, supporting high levels of retention. Together, this has contributed to a record level of member financial benefit of £1.85 billion, which increases to £2.2 billion when taking the inaugural fairer share payment into account. I'm pleased to say that our strong financial performance, underpinned by robust capital ratios and a focus on delivering efficiency, has allowed us to enhance our fairer share ...