One of the largest and most famous banks in Britain intends to distribute more than 340 million pounds sterling ($ 429 million) to its current account customers, after it recorded a significant jump in its annual profits, benefiting from successive rises in interest rates that increased the costs imposed on borrowers.
Nationwide Bank, one of the country’s largest lenders and one of Britain’s best-known banks, announced that it will deposit £100 ($125) into the checking accounts of more than 3.4 million customers next month.
The British press, in reports seen by Al-Arabiya.net, quoted the bank as saying, “This distribution is the first of its kind in the bank’s history, but it aims to repeat it in the coming years.”
Nationwide Bank’s financial income from lending jumped 12 times after successive interest rate hikes at the Bank of England, but the bank warned that rising inflation and economic slowdown could affect its financial conditions.
Paying into customers’ checking accounts is an unusual move for a bank, as companies and banks usually distribute cash to investors only after annual results.
