Nationwide customer savings more than double over the pandemic to £10.6bn
As well as deposits, Nationwide’s pre-tax profits nearly doubled from £466m to £823m, as cost-cutting measures collided with a rise in income across the business.
Customer deposits have more than doubled since the year before the pandemic, Nationwide said today, while remote working has made its workforce ‘more productive’.
With lockdown restrictions closing high streets and putting a pin in travel, Nationwide found deposits increased by £10.6bn in the year to 4 April, as customers stashed cash into savings accounts.
Just £5.7bn was deposited in 2019, highlighting the spending limit of multiple lockdowns and the ‘financial strength’ of the high street lender over the pandemic, CEO Joe Garner said.
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Northridge Finance and Marshall Leasing’s head of strategy Greg McDowell has been promoted into the role of Marshall Leasing managing director following the retirement of Peter Cakebread.
A statement issued by the business today (May 20) said that McDowell has extensive experience in the financial services and leasing industries and is a qualified accountant.
Most recently head of strategy at Northridge Finance and Marshall Leasing, McDowell led the integration of Marshall Leasing with Bank of Ireland UK having previously held a number of senior roles with Bank of Ireland within its Corporate Banking and Strategy divisions, it said.
New managing director for Marshall Leasing
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