22 May 2015: Today we have published our financial results for 2014-15. Looking back at the last year, I am not only proud of the way in which the business has performed, but also the way in which we have continued to help our members.
We helped more than 46,000 first time buyers take their first step onto the housing ladder and became the UK’s second largest mortgage provider. We continued to reward loyal savers as we saw balances in our hugely popular Loyalty Saver account grow by £3.7 billion. Our commitment to diversifying our range of attractive products also continues to bear fruit as we opened 469,000 current accounts and continued to be a net beneficiary of the account switcher service – accounting for 8.4% of all switches. We have also continued to ensure that the level of service we offer to our members is second to none and have been the number one for customer service satisfaction on the high street for the third year running.
...the level of service to our members is second to none
This is the strongest set of results I can remember the Society delivering and it makes me very confident about our future. We have much to offer our members and we can continue to set an example for the rest of the industry of what good looks like.
Nationwide is in great shape. We have invested heavily in the Society over the last few years and this puts us in a very strong position both financially and strategically. I have been Chief Executive since 2007 and, whilst I remain totally engaged and committed to Nationwide, I also realise that there will come a point where it is time to pass the reins to someone else. In discussing this with the Board, we concluded that there is no better time than the present, when the Society is strong and successful. So, the Board will commence looking for my successor. It is intended that this will be concluded by the time of the Annual General Meeting in 2016, at which point I will step down.
In the meantime, it is very much business as usual. I and the rest of the leadership team will continue to run the Society, safeguard the interests of our members and promote Nationwide as an attractive and compelling alternative to the established banks.
Watch Graham's full year results video here