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Visual21 Nov 2025
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Nationwide Building Society (NBS) investor relations material
Nationwide Building Society H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary20 Nov, 2025
Executive summary
Achieved market-leading growth in mortgages and retail deposits, with net mortgage lending of £4.7bn and retail deposit increase of £5.3bn, maintaining strong market shares and a 46% share of student account openings.
Underlying profit before tax increased by 2% year-on-year to £977m, supported by the Virgin Money acquisition and strong operational performance.
Delivered £1.2bn in value to members, including £409m through the Fairer Share Payment and £780m in member financial benefit.
Integration of Virgin Money is ahead of plan, with streamlined governance, sale of Virgin Money Investments agreed, and legal transfer of assets set for April 2026.
Recognized for customer satisfaction and brand leadership, including Which banking brand of the year and industry-leading ESG ratings.
Financial highlights
Net interest income rose to £2,967m, with total income at £3,112m and underlying profit before tax at £977m; statutory profit before tax was £486m, reflecting the impact of member reward payments.
Mortgage net lending reached £4.7bn, with balances at £280.6bn; retail deposit balances increased to £266.0bn, supported by strong ISA and current account growth.
Net interest margin stable at 1.58%, with deposit rates averaging 31% higher than the market.
Underlying costs grew less than inflation, with £43m in integration costs and £81m in acquisition-related costs.
Net underlying group impairment charge was £146m, a 10bps annualized cost of risk.
Outlook and guidance
Integration and migration of Virgin Money customers and systems to continue through 2026-2028, with most migration to end-state platforms planned within two to three years after Part 7 completion.
NIM expected to remain broadly stable as headwinds and tailwinds net out; deposit margins likely to compress as base rates fall.
Base case scenario models gradual reduction in Bank rate to 3.5% during 2026 and steady house price growth, but weighted scenario analysis highlights sensitivity to house price declines and unemployment increases.
Expect integration expenditure to rise over the next 18 months, then decline, with synergies above original expectations.
Downside scenarios remain 45% weighted, with provision sensitivity to severe downside.
Virgin Money RWA adjustment impact
Drivers of statutory profit and member value changes
Explain net mortgage lending decline
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Next Nationwide Building Society earnings date
H2 202628 May, 2026
Next Nationwide Building Society earnings date
H2 202628 May, 2026
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Frequently asked questions
Nationwide Building Society, together with its subsidiaries, provides retail financial services in the United Kingdom. The company offers savings products and mortgages, including residential, buy to let and commercial mortgages; home insurance; savings-related products; current accounts; personal loans; credit cards; and travel money. The company was founded in 1846 and is headquartered in Swindon, the United Kingdom.
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