Nationwide profit-sharing bonus

The mutual reported a pre-tax profit of £1.49 billion, down from £2.3 billion last year, as it absorbed the costs of its major expansion and faced a cooling mortgage market.

CEO Debbie Crosbie hailed the year as 'stellar' and confirmed that eligible members with current accounts, savings, or mortgages will receive the windfall in June.

Nationwide is also launching a new 5% savings bond and a £175 switching offer to attract new customers as it prepares to overtake Lloyds as the UK's largest branch network.

The building society now operates 696 branches across the country, including 91 newly acquired Virgin Money locations.