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15 million members building society, nationwide Annual Report & Accounts 2018 1 Annual Report and Accounts 2018 2018 highlights Building society, nationwide We are the world’s largest building society. We thrive when our members thrive, and this has been another strong year for us. Together we can achieve more. Building thriving membership More members are doing more with us Record current Record gross accounts opened prime mortgage 816,000 lending With more people opening with Nationwide than any other brand2 £29.4 billion 2017: 795,000 2017: £29.1 billion Member Record membership Record first financial benefit1 time buyers £560 15.5 million 76,000 members helped onto the housing ladder. million of which 8.1 million engaged members3 Around 1 in 5 in the UK 2017: £505 million 2017: 15.1 million/7.8 million 2017: 75,000 Built to last A stable and secure Society that uses its members’ money wisely £1,022 £977 4.9% 0% million UK leverage ratio million cost growth while underlying profit4 Reflects our careful growing membership statutory approach to looking after Within our financial our members’ money £1,979 million underlying costs performance framework profit 2017: 4.4% 2017: 10% /£1,979 million 2017: £1,030 million 2017: £1,054 million 2 Annual Report and Accounts 2018 Building legendary service Our members expect the best service Strategic Report Report Strategic Specialist Support Service 1st More44% current account Customer members using our 24/7 satisfaction 4,500 members needing mobile services With a lead of 4.6% ahead of Now 2 million members in total. 5 extra support helped, our high street peer group returning around 2017: 41% growth and 2017: 1st with lead of 6.7% £1.4 million in fees 1.4 million members Governance Building PRIDE Happy employees look after our members 297 74% and Risk Report Business Carillion Employee engagement 3% below global high performing employees 110 benchmark, and 9% above taken on within 7 days teams voluntarily engaged financial services sector norm of its collapse in efficiency projects 2017: 78% Building a national treasure Financial Statements Our social purpose is at the heart of what we do Community Started a 5 year UK’s involvement programme to invest most trusted 66% £20 6 of employees get involved financial brand with fundraising, volunteering million with a lead of 3.8%. or payroll giving in member directed 7 2017: 1st with 1.3% lead 2017: 75% community grants Other Information 1 More information on member financial benefit is included on page 27 of the Financial review. 2 Source: eBenchmarkers April 2017 to March 2018, CACI April 2017 to March 2018, BACS Payments Schemes monthly CASS switching market data and internal sources. 3 Engaged members are defined as those who hold a mortgage or savings account with us (with a balance greater than £5,000) or who hold their main personal current account with us. 4 Further information on underlying profit is on page 26 and the financial performance framework on page 32 of the Financial review. 5 © GfK 2018, Financial Research Survey (FRS), 12 months ending 31 March 2018 and 12 months ending 31 March 2017, 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 >4% (Barclays, Halifax, HSBC, Lloyds Bank (inc C&G), NatWest, Santander and TSB). Prior to April 2017, high street peer group defined as providers with main current account market share >6% (Barclays, Halifax, HSBC, Lloyds Bank inc C&G (Lloyds TSB prior to April 2015), NatWest and Santander). 6 Source: Nationwide Brand and Advertising tracker - compiled by Independent Research Agency, based on all consumer responses, 3 months ending March 2018. Financial brands included Nationwide, Barclays, Co-operative Bank, First Direct, Halifax, HSBC, Lloyds, NatWest, TSB and Santander. 7 Source: Nationwide Brand and Advertising tracker – compiled by Independent Research Agency, based on all consumer responses, 3 months ending March 2018 (2017: 3 months ending March 2017). Financial brands included Nationwide, Barclays, Co-operative Bank, First Direct, Halifax, HSBC, Lloyds, NatWest, TSB and Santander. 3 Annual Report and Accounts 2018 Contents Strategic Report 1 2018 highlights 5 Our mutual difference is our business model 7 Chairman’s letter 9 Chief Executive’s review including strategic cornerstone updates 25 Risk overview 26 Financial review Governance 34 Board of directors 39 Executive Committee biographies 41 Report of the directors on corporate governance 83 Report of the directors on remuneration 94 Directors’ report Business and Risk Report 98 Principal risks 101 Managing risk 104 Top and emerging risks 105 Credit risk 130 Liquidity and funding risk 141 Solvency risk 145 Market risk 149 Pension risk 151 Business risk 152 Model risk 152 Operational risk 155 Conduct and compliance risk Financial Statements 159 Independent auditors’ report 168 Income statements 169 Statements of comprehensive income 170 Balance sheets 171 Statements of movements in members’ interests and equity 173 Cash flow statements 174 Notes to the financial statements Other Information 233 Annual business statement 236 Underlying profit 236 Forward looking statements 236 Glossary 237 Index 4 Annual Report and Accounts 2018 Strategic Report Strategic Report Report Strategic Becky, member since 2004 Strategic Report 1 2018 Highlights 5 Our mutual difference is our business model 7 Chairman’s letter 9 Chief Executive’s review including strategic cornerstone updates: • Building thriving membership Governance • Built to last • Building legendary service • Building PRIDE • Building a national treasure • Outlook 25 Risk overview 26 Financial review The Strategic Report has been approved by the Board and Risk Report Business of directors and signed on its behalf by: Joe Garner Chief Executive 21 May 2018 Financial Statements Winning our members’ trust Becky is a part time primary school teacher. Her husband, Simon, writes for an agency that supports the charity sector. Outside of work, their three children They both rely on Nationwide for their “At that time, FlexAccount offered free cash are into everything sporty, from banking and have their joint account withdrawals abroad and we wanted to gymnastics to football. All in all, and credit cards with us. travel around the world, so that was a great Becky and Simon are kept busy. deal for us. These days we’re just as attached Other Information And when they’re not ferrying their “We originally chose to Nationwide because it’s a building society. offspring around, they’re out and Nationwide when we They feel like an organisation you can trust. about keeping in touch with family, That’s so important when you’re busy or ‘relaxing’ on a country walk. were younger – in a because, with their values, you can rely on time before kids.” them to treat you right, even when you’re not paying complete attention.” 5 Annual Report and Accounts 2018 Our mutual difference is our business model For over 130 years, we have been driven by the belief that ordinary people can achieve extraordinary things when they work together, and by our purpose of building society, nationwide, helping people save to buy their own home. This focus on building society remains as Helping them into a home of their own Our mutuality defines us, our values and important to us today as when we were – we remain the UK’s second largest how we go about our business. From founded – our social purpose is an intrinsic mortgage provider. treating our members and their money part of why we exist, rather than an add-on. Saving for the future – we look after with respect to returning the maximum We’re proud that we still use the power of around £1 in every £10 saved in the UK. financial benefit we can sensibly afford, the collective to help individual members from treating our employees well to paying Looking after their day-to-day banking and their families to achieve their financial our taxes, from contributing to society by needs – we’ve opened 16% of all goals, whether that’s: championing the needs of our members new current accounts in the UK this to our community funding programme, financial year. we are different and that counts. Coffee and convenience: making our members in Didcot feel at home in one of our new look branches. 6 Annual Report and Accounts 2018 Our mutual difference is our business model continued Strategic Report Report Strategic Governance Member owned We are owned by our members and run for their benefit. Making a Security and Risk Report Business difference for our We use our members’ surplus to The interests of our current maintain our and future members shape money financial everything we do – from We provide strength, to our low risk approach to our members lending, to the way we invest in our with a secure service and look at profitability. We aim to be home for their Because we are a to support our number 1 in our high savings as well building society, over communities. street peer group for as everyday 70% of our funding customer satisfaction. banking comes from members And over the next five services. entrusting us with their years we’re investing Financial Statements money. Our share of all £20 million into our current accounts has UK-wide community grown to 9.4%. funding programme. Last year we generated more than £500 million At least 75% of what we in financial benefit for our lend must be secured on members in better rates, residential property. Last incentives and lower fees. year we helped around On average our deposit 1 in 5 first time buyers Rewarding rates were more than into a home of their own.
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