Nationwide returned a record £2.8bn to its members last year, including £1bn in direct payments to eligible members.

The building society also announced record growth in retail deposits and net mortgage lending in its latest annual results.

In the year to 31 March, Nationwide’s statutory profit before tax also rose to a record £2.3bn still accounting for the £1bn returned to members.

The society also reported that in its mortgage business, balances increased to £275.9bn, up from £204.5bn last year, with a market share of balances of 16.2%, which was up from 12.3% last year. Nationwide suggested that this was driven by record net lending of £15.5bn as it also helped 120,000 first-time buyers, more than any other lender in the UK.

For savings, Nationwide reported that deposit balances increased by £67.3bn to a total £260.7bn, as it grew its market share from 9.5% last year to 12.2%.

Over four million Nationwide members will also receive a £100 payment each off the back of the society’s performance, with the eligible to members who choose Nationwide for their everyday banking, in addition to holding a qualifying savings or mortgage product.

Nationwide chief executive, Debbie Crosbie, said: “Nationwide has had an outstanding 12 months. We returned a record £2.8bn in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.”

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