Bigger-than-forecast figure comes as building society’s profits fall 43% in six months to 30 September

Nationwide building society has said it will realise a bigger-than-forecast gain of £2.3bn from its acquisition of the rival Virgin Money, as it also reported a sharp drop in profits.

The UK’s biggest building society’s pre-tax profits fell 43% to £568m in the six months to 30 September, down from £989m in the same period the year before, as falling interest rates ate into margins while it sustained payouts to its members.