NATIONWIDE Building Society has seen its profits increase over the last six months.

And the company says it will use the extra cash to help customers who are struggling with the costs of living at the moment.

New financial results released this week show its underlying profit went from £850 million in the first half of 2021 to £980m in the first half of 2022 as income grew, and the net interest margin improved to 1.48 per cent.

An immediate priority for its executives is to support members who are finding it hard to pay for the essentials as a recession looms and energy prices increase.

Nationwide has set up a dedicated cost of living helpline, added an extra £1 million of support to debt charities around the country, and extended the Branch Promise made earlier this year, which pledges to keep brick-and-mortar branches of the building society open on town and city high streets for easy access.

Chief executive Debbie Crosbie said: “Nationwide’s focus is on supporting members, today and for the long term. We continue to deliver competitive products, high-quality services and great customer experience. Nationwide has remained number one for satisfaction in our peer group for more than ten years.

“Our half-year performance means we can invest more in new ways to support members. 

"We have increased the current account switcher incentive and extended our support for members facing increases in the cost of living, including practical support provided in our branches, a dedicated telephone hotline and an online support hub.

“Nationwide is not immune to the current economic challenges and it’s important to maintain financial strength.

"Our strategy is focused on growing the membership base, increasing value to members, and becoming simpler and more efficient in the way we operate.

"This will ensure the society’s future strength and ability to continue to support members and wider society.”

The half-year results for 2022 show that member financial benefit more than doubled to £320m as the mutual continues to pay savers the best rates it can afford.

In recent months, the average deposit rate has been at least 70 per cent higher than the market average.

Net mortgage lending stood at £5.4bn, with a stock market share of 12.4 per cent, while Nationwide maintained its top marks for customer satisfaction among its peer group which it has held for more than 10 years.