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Annual Report and Accounts Annual Report and Accounts 2016 and Accounts Annual Report Nationwide Building Society Annual Report and Accounts 2016 2016 Annual Report and Accounts Delivering value for our members Because we’re owned by our members, not shareholders. Because we’re a building society and our mutual values ensure we put our members first. Because delivering value for our members is the reason why we exist. Contents Strategic Report 2016 Society highlights 5 Chairman’s statement 7 Chief Executive’s review 11 Report Strategic Strategic review 17 Financial review 27 Risk overview 37 Our people 39 Citizenship report 43 The Nationwide Foundation 53 Governance Board of directors 57 Group directors 61 Governance Directors’ report 63 Report of the directors on corporate governance 69 Report of the directors on remuneration 93 Business and Risk Report Introduction 107 Business and Risk Report Business Principal risks 108 Top and emerging risks 109 Lending risk 111 Financial risk 151 Operational risk 183 Conduct and compliance risk 186 Strategic risk 188 Managing risk 189 Financial Statements Financial Statements Independent auditors’ report 195 Accounts 202 Notes to the accounts 208 Other Information Annual business statement 289 Other Information Forward looking statements 293 Glossary 294 Index 304 2 Back to Contents 2016 Annual Report and Accounts Strategic Report 2016 Society highlights 5 Chairman’s statement 7 Chief Executive’s review 11 Strategic review 17 Financial review 27 Risk overview 37 Our people 39 Citizenship report 43 The Nationwide Foundation 53 The Strategic Report on pages 3 to 54 has been approved by the board of directors and signed on its behalf by: Joe Garner Chief Executive 23 May 2016 3 Back to Contents Strategic Report Strategic Report Report Strategic 4 Back to Contents 2016 Annual Report and Accounts 2016 Society highlights Our vision is to be the UK’s first choice financial services provider. We are a modern mutual providing a full service, multi-channel offering to a growing number of members. Customer satisfaction lead over our high street peer group¹ 2015 4.5% 2016 7.7% We are the UK's second largest mortgage and savings provider. MortgageGross mortgage market stocklending share MemberSavings deposits market balance stock share growth 2016 2016 2015 £32.6 2015 £6.3 £27.1 billion billion billion £1.9 billion Personal current account stock market share Main product relationships3 2016 2 2015 7.1% 2015 2016 6.8% 7.1 7.4 million million We believe that being a great employer We aim to be an exemplar organisation, and employing first class people offers us being trusted always to do the right thing. a genuine competitive advantage. To read 98% and 4½ stars in the 2016 BITC 3rd in the Sunday Times’ list of top Corporate Responsibility Index. more on 25 best big companies to work for, our progress up from 6th last year. go to pages We are working closely with suppliers to identify opportunities to reduce carbon emissions, We made the Times’ list of the UK’s water usage and waste. 17 top 50 employers for women for the 4th year running. We developed a first-of-its-kind 26 Specialist Support Service for customers affected by cancer. 5 Back to Contents A strong Society. Profit is important as it allows us to grow and invest in the Society for our members. Our Common Equity Tier 1 ratio and our leverage ratio are key measures of our financial strength. Our cost income ratio is a measure of our efficiency. Strategic Report Report Strategic Underlying profit 2016 £1,337 million Statutory profit before tax 2016 £1,279 million Profit 2012 2013 2014 2015 2016 Underlying profit4 £279 million £433 million £952 million £1,227 million £1,337 million Statutory profit before tax £166 million £168 million £677 million £1,044 million £1,279 million Common Equity Tier 1 (CET1) ratio Leverage ratio 2015 2015 19.8% 2016 4.1% 2016 23.2% 4.2% Underlying cost income ratio4 Income Income Income Income Income Cost Cost Cost Cost Cost 2012 61.8% 2013 55.9% 2014 52.0% 2015 51.4% 2016 53.9% 1 © GfK 2016, Financial Research Survey (FRS), 3 months ending 31 March 2016 vs 31 March 2015, proportion of extremely/very satisfied customers minus proportion of extremely/very/ fairly dissatisfied customers summed across current account, mortgage and savings, high street peer group defined as providers with main current account market share >6% (Barclays, Halifax, HSBC, Lloyds Bank (inc C&G), NatWest and Santander). Prior to April 2015, Lloyds Bank and TSB combined as Lloyds TSB Group (including Lloyds Bank, TSB and C&G). 2 As at February 2016. 3 Main personal current account (PCA) customers and mortgage/savings customers with balances greater than £5,000. 4 Comparatives have been restated as described in note 1 to the financial statements. 6 Back to Contents 2016 Annual Report and Accounts 2016 Chairman’s statement My first year This is my first annual statement as your Chairman. It has been a privilege and a pleasure to have led the Board during what has, once again, been a highly successful year. The ‘magic ingredient’ that sets your Society apart from I joined Nationwide in 2014 after a 30 year career in retail all other competitors in retail financial services is the and commercial banking, working both in the UK and around commitment of our people to always do the right thing the world. Based on that experience, I would like to take the for our members. I am convinced this culture is a direct opportunity to offer some reflections about your Society and consequence of our history and heritage, and the resultant why I believe we are able to make a genuine difference in the mutual business model. provision of retail financial services in the United Kingdom: • we were born out of a social, rather than a commercial, purpose so our sole focus is to help improve the quality of life for our members, Founded 1846 • we are a building society, which makes us tangibly different to the established UK banks, From our earliest ancestry in Ramsbury, Wiltshire in 1846, • we are therefore legally required to hold at least 75% of when we were formed to offer ordinary people a safe place our assets as loans secured on UK residential property to save and the prospect of borrowing to buy a home, and we have to be primarily financed through retail Nationwide (and its constituent societies) has always stood savings deposits, enabling us to prioritise the financial for doing what’s right and delivering the very best service, security of our business and our members’ money, and this continues to the present day. Indeed, every day I • we are owned by our members, so do not have experience first-hand the overwhelming commitment within to consider the potentially conflicting demands of the Board, the management team and all colleagues across shareholders and customers typical in the ‘plc’ style the Society to do the right thing for you, our members, and models I have witnessed elsewhere, on your behalf I extend my deepest thanks to them all for their outstanding professionalism, dedication and care. • therefore all profits are re-invested in the Society to deliver excellent service and value to our members over the long term. 7 Back to Contents We run the Society to deliver outstanding service to all Importantly, this includes a firm commitment to our branches, customers and members, and we seek to optimise, rather as we know that these are valued by many of you and offer a than maximise, profits. I am often asked why the Society level of service that we believe differentiates us from our peers. makes a profit when it is run for the benefit of our members. We are investing in improving our branch network to maintain Put simply, profits are the ‘oxygen’ that allows the Society to a compelling experience, offering members an increasing support future growth, to sustain a strong balance sheet and range of options from self-service to full face to face support, capital ratios in order to keep the Society safe and secure, including our leading video technology - Nationwide Now - Report Strategic and crucially to be able to invest to provide the consistent top which allows members to access a team of expert advisers at a quality service our members rightfully demand. central location. This provides us with greater capacity to offer you the service you seek at a time and location to suit you. Nationwide is a business that our members and employees say ‘feels different’. Our mutual heritage drives a shared As a modern mutual, I believe it is important we continue sense of purpose to offer good, long term value products and to invest in order to meet members’ current and future exceptional service, recognising the complementarity of our needs. This is a challenge in a highly competitive market, members foremost as customers and secondly as owners. and does not mean that we will always be top of the best Your Board is constantly seeking to balance the needs of all buy tables. However, we will always offer good value over the members, particularly between savers and borrowers, and medium term, and whatever we do we will be open, honest between delivering value in both the short term and over the and transparent. I recognise that the ongoing low interest longer term. rate environment is particularly challenging for our savers, and the current economic uncertainty suggests that market Our performance in the past year is reflective of this approach. rates are likely to remain low for some time yet.
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