Nationwide takes £100m hit as profits plummet

Nationwide has taken a 40% hit as profits have plummeted by more than £100m over the coronavirus pandemic.

In the year ending 4 April profit before tax fell to £469m, compared to £788m the year before, with underlying income of just over £3bn, down by 4%.

Chief executive Joe Garner said, “While the coronavirus impacted our profitability in the last few weeks of the year, there was pressure on margins even before it hit.”