The chief executive of Nationwide said the company has made "excellent progress" after it announced its full year results.

This statement was made by Debbie Crosbie following a record delivery of £2.2 billion in value to members including more than £1.8 billion in member financial benefit and its inaugural Nationwide Fairer Share Payment of £344 million paid in June 2023.

The Swindon-base society also reported an underlying profit of £2,003bn, down from £2,233 in 2023.

Ms Crosbie said: “We have made excellent progress in delivering our new strategy.

“We delivered our highest ever member value and our strong financial performance means we can extend the ways that members benefit from our success.

"In 2024, for a limited period, all our members can access the preferential interest rate on our Member Exclusive Bond.

"Eligible members who have chosen us for their everyday banking will also receive a Nationwide Fairer Share Payment, and we are offering a member-only £200 incentive to encourage more members to switch their main current account to us.

“We provide our members and customers with great value products, choice in the way they bank with us, and simply brilliant service.

"We have been first for customer satisfaction among our peer group for 12 years running and have continued to grow our deposit and mortgage balances.

She added: “In March 2024, we confirmed our offer to buy Virgin Money.

"I believe this deal offers an exciting opportunity to create a more diverse business that delivers even more value to our members and will strengthen Nationwide financially.

"We continue to make good progress on our plans and expect to complete the acquisition in Q4 2024, subject to regulatory approval.”

The society launched a Member Exclusive Bond at 5.5 per cent, a £100 Fairer Share Payment to qualifying members, and a £200 member-only switching incentive earlier this week.

Nationwide's Branch Promise has also been extended to 2028.

The building society has the largest single-brand branch network in the UK.

The deposit market share was 9.5 per cent with a £6.3 billion balance growth, supported by competitive fixed rate products, including the Nationwide Fairer Share Bond.

Meanwhile, total gross mortgage balances increased to £204.5 billion, up from £201.7 billion in 2023, with market share of balances increasing to 12.3 per cent.

Net interest margin remained stable at 1.56 per cent, having been at 1.57 per cent in 2023.