Nationwide building society profits halve amid pandemic

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Annual pre-tax profits fall to £466m as 280,000 customers take payment holidays

Nationwide building society’s annual profits have almost halved, in part due to the impact of hundreds of thousands of customers taking mortgage and loan payment holidays because of the coronavirus pandemic.

The lender said pre-tax profits plunged by 44% from £833m to £466m in the year to 4 April. Joe Garner, the chief executive, said 280,000 customers had so far opted to take a payment holiday, which has cost the company £101m.

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