The building society made a pre-tax profit of £1.49 billion for the year to the end of March, down from the £2.3 billion it made last year.

It marks the fourth year in a row where Nationwide is paying the bonuses, with the building society confirming the news as part of its full-year financial results

Nationwide released a market update on Thursday, where the building society's income boomed on the back of consumer lending.

More people than ever are choosing Nationwide, says CEO Debbie Crosbie