Around 4.4 million qualifying customers will receive the free 3100, with funds landing in accounts from June 10 for those using Nationwide for everyday banking and holding a qualifying savings account or mortgage.

Last year’s results benefited from a temporary Virgin Money acquisition boost, which Nationwide is integrating as part of its broader expansion strategy.

Net mortgage lending fell to 310.3 billion from 315.9 billion, though Nationwide remains a market leader; the decline reflects market conditions and responses to rate changes and stamp duty relief.

Mortgage lending slowed over the year, with demand rising earlier in spring ahead of stamp duty changes while mortgage rates rose in March amid market turmoil linked to global events.

Despite the drop in net lending, Nationwide remains the leader in mortgages as the market adjusts to rate shifts.

Nationwide is launching a 3100 Fairer Share bonus for about 4.4 million members in June, bringing total member returns to roughly 31.5 billion since the scheme began in 2023, with payments contingent on financial performance and continuing annually.

Eligibility requires a qualifying current account plus a savings account or mortgage with Nationwide, with criteria depending on account type (FlexAccount, FlexDirect, FlexBasic, FlexOne, FlexStudent, FlexGraduate, FlexPlus) and whether a switch to Nationwide occurred between January and March.

Mortgage rates were raised 'by necessity' as market swap rates climbed amid broader market turbulence tied to international events, with Nationwide stressing it does not use rate changes for profiteering and aims to offer competitive member rates.

The Virgin Money brand will be phased out and branches rebranded to Nationwide, with the first branch changes expected in 2028 as integration progresses.

Pre-tax profits for the year to March fell to 31.49 billion from 32.3 billion the previous year, partly due to the one-off Virgin Money gain recognized last year during the acquisition.

The year’s profit decline reflects the Virgin Money integration and the absence of the previous year’s one-off gain, with Nationwide reporting ongoing integration effects.

CEO highlighted continued growth in mortgages, deposits, and current accounts, enabling the Fairer Share payment and the launch of a new Member Exclusive Bond.