NATIONWIDE Building Society is celebrating today after notching top profits.

In the six months up to October 4 it recorded a 22 per cent hike in pre-tax profits to £188.4 million.

In addition it has nearly doubled its share of the UK mortgage market to 15.7 per cent.

This comes as a far cry to the situation two years ago, when its share in the market slumped to 3.1 per cent.

Total assets were also up 23.6 per cent to £5.5 billion.

Chief executive Philip Williamson, says excellent customer service is the key to success.

"This has been an excellent six months for the Society.

"Customers are coming to Nationwide in record numbers, and staying with us because of our fair pricing policies.

"Our performance proves that a well-run mutual can put members first by pricing products fairly and still generate a healthy profit."

Mr Williamson heaped praise on Swindon's 4,000 staff employed at its UK headquarters in Pipers Way.

He said: "We could not have produced such an excellent set of results without such fantastic people.

"They should be proud with what they have achieved and they can look forward to a prosperous future with Nationwide.

It seems its website has played a pivotal role in the recent success of the Society with more than one million people carrying out online transactions.

"We have placed a strong focus on improving business efficiency and ensuring members have easy access to our products and services," said Mr Williamson.

"Around 10 per cent of all sales are now online and 29 per cent of overdraft applications are made online, freeing branch staff from routine administration and enabling them to spend more time with members.

"In addition to offering consumers more choice in how they access Nationwide's services, conducting business online enables us to keep control of costs while increasing business volumes."

Despite the 0.25 per cent rise in interest rates Mr Williamson did not expect business to be radically affected.

Around 250,000 new current accounts were opened in the first half of the year,a rise of 25 per cent.

An 61 per cent increase in credit card business was also recorded.