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Nationwide announces profit increase


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&#39 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.


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