NATIONWIDE Building Society – which employs more than 680 people in the Bournemouth area – has announced record profits.

Underlying profit rose 32 per cent to £1.2billion and the society plans to invest £500million in its branches over the next five years.

The society has become Britain’s second largest mortgage provider, helping almost 46,000 first time buyers in 2014-15.

The society’s Bournemouth branch was one of the first to receive the Nationwide Now service, which puts people in touch with mortgage advisers by video link. The innovation has created around 200 jobs, including 100 at the society’s administration centre on Bournemouth’s Richmond Hill.

It said its staff had clocked up more than 3,500 hours’ volunteering time in Bournemouth this financial year, raising £118,000 for charity.

Nationwide also announced that its chief executive, Graham Beale, would retire at or around the date of the AGM in July 2016.

Mr Beale said: “This is one of the strongest sets of results we have ever announced, demonstrating that, yet again, it is possible to build a successful business by doing the right thing. Nationwide employs over 680 people in the Bournemouth area and we remain committed to supporting Bournemouth’s communities, economy and jobs market.

“We think that reports of the death of the branch have been greatly exaggerated. Our members are telling us that they still want to be able to speak to someone face to face in branch and that is why we are making a major investment in our branch network over the next five years.”

Read an interview with Nationwide group director Alison Robb in our business section The Briefing on Tuesday.