The lender, which is Britain’s largest building society, said its underlying profit before tax plunged from £788m in 2019 to £469m this year on underlying income of just over £3 billion.

Nationwide was already on course for lower profits before the coronavirus crisis, as it struggled with lower income and payment protection insurance (PPI) claims, while at the same time investing in technology.

Joe Garner, the lender’s chief executive, said: “In the last month of our financial year all our lives have been overshadowed by the coronavirus.

“We are helping members in financial difficulty with payment holidays on mortgages and loans and interest-free overdraft periods, and we have promised that no mortgage member will lose their home over the next 12 months due to the impact of the coronavirus.”

He added that the lender has taken steps to protect its employee’s physical and mental health in order to maintain its essential services. 

Nationwide has also promised that it will not be issuing any job cuts this year.

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