Nationwide to hand £340m back to customers after record profits

Nationwide says it hopes to replicate the move annually under new ‘Fairer Share’ scheme

The UK’s biggest building society is set to hand £340m back to millions of its customers, after enjoying record profits of £2.2bn.

Announcing the move, Nationwide said it plans to hand its customers annual distributions going forwards, subject to the financial strength of the business each year.

The building society’s members – of whom there are 16.3 million worldwide – will be told on Friday if they are eligible to receive the cash payment in June, equivalent to £100 for millions of members.