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Online business earns plaudits as Nationwide profits jump

20 November 2003  |  4065 views  |  0 Online business earns plaudits as Nationwide profits jump

Nationwide Building Society says its booming online business has contributed to a 22% jump in first-half profits.

The profit rise came as the mutually-owned Society more than doubled mortgage lending by holding on to more customers.

Philip Williamson, group chief executive, attributed the positive results to the firm's fair pricing policy, but reserved a special mention for the important contribution of technology.

"Our online business has been a particular success story," he says. "Around 10% of all sales are now online and 29% of overdraft applications are made online, freeing branch staff from routine administration and enabling them to spend more time with members."

In addition to offering consumers more choice in how they access Nationwide's services, adds Williamson, doing business online helped the firm to keep control of costs while increasing business volumes.

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