Nationwide Building Society has announced a £35m increase in its pre-tax profits for the year to April 4.
This represents a 9.5 percent increase on last year with profits up to £407.5m from £372.3m last year.
The society which narrowly fought off a members' motion to convert to a bank last year, has hailed the results a victory for mutuality.
It claims to write more than one in ten new mortgages through offering competitive mortgage rates, with a market share more than both the Halifax and the Abbey National put together.
Nationwide savings balances also grew by 13.3 per cent growth to £37.4bn from £33bn last year.