UK lender Nationwide reports record member benefits

LONDON (Reuters) – Nationwide Building Society recorded record benefits for its customers in the first half of its financial year, including a 344 million pound ($425.94 million) payout and 885 million pounds of incentives on products below market rates.

The member-owned lender, which competes with Britain’s big banks but does not have to prioritise shareholder returns, said profit for the six months to Sept. 30 rose to 989 million pounds from 969 million pounds a year earlier.

($1 = 0.8076 pounds)

(Reporting by Lawrence White; Editing by David Goodman)