Nationwide customer savings more than double over the pandemic to £10.6bn

first_img “Remote working has been popular with colleagues and made us more productive. The flexibility also helps us better serve our members,” Nationwide said, adding that it is “therefore adopting a flexible working model into the future, where colleagues can choose where they work.” Customers deposits grew by £5.7bn in 2019, highlighting the spending limit of multiple lockdowns and the ‘financial strength’ of the high street lender over the pandemic, CEO Joe Garner said. More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org whatsapp “We entered the crisis in a position of financial strength and, in the face of a highly uncertain environment, we took steps to protect our finances.” Share With lockdown restrictions closing high streets and putting a pin in travel, Nationwide found deposits increased by double what they increased by in 2019, as customers stashed cash into savings accounts. The building society offered 256,000 mortgage payment holidays and 105,000 payment breaks for loans and credit cards to those who financially struggled during the pandemic. As well as deposits, Nationwide’s pre-tax profits nearly doubled from £466m to £823m, as cost-cutting measures collided with a rise in income across the business. Also Read: Nationwide customers saved a further £10.6bn over the pandemic Mortgages remained strong, as the lender confirmed a 95 per cent mortgages return for first-time buyers and home movers yesterday. Friday 21 May 2021 9:58 am whatsapp Customer deposited increased by £10.6bn throughout the pandemic, Nationwide said today, while remote working has made its workforce ‘more productive’ in the year to 4 April. As well as deposits, Nationwide’s pre-tax profits nearly doubled from £466m to £823m, as cost-cutting measures collided with a rise in income across the business. Nationwide customers saved a further £10.6bn over the pandemic Nationwide is the latest to confirm a full-flexible working model for its 13,000 staff, with the Bank of Ireland UK launching flexible working hubs last month. This was in part due to lower running costs during the pandemic and comes as Nationwide said its 13,000 staff can work more flexibly in the future. As well as deposits, Nationwide’s pre-tax profits nearly doubled from £466m to £823m, as cost-cutting measures collided with a rise in income across the business. Also Read: Nationwide customers saved a further £10.6bn over the pandemic As well as deposits, Nationwide’s pre-tax profits nearly doubled from £466m to £823m, as cost-cutting measures collided with a rise in income across the business. Also Read: Nationwide customers saved a further £10.6bn over the pandemic The stamp duty holiday saw many customers taking advantage of the pandemic-induced rule, which saw overall mortgage lending dip slightly to £29.6bn from £30.9bn in 2019. Tags: Future of Work Nationwide Re-lockdown Cost-cutting, which included the lender’s flexible working style, guided a profit boost as administrative expenses were cut by £94m to £2.2bn, according to bosses. As well as deposits, Nationwide’s pre-tax profits nearly doubled from £466m to £823m, as cost-cutting measures collided with a rise in income across the business. Millie Turner Show Comments ▼ “It has been a tough year, one that tested the resilience of people and businesses,” Garner added.last_img read more