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Nationwide has made £2.3bn following its acquisition of Virgin Money, according to the company's half-year results.
The building society completed its £2.9bn acquisition of Virgin Money in October, making it the UK's second largest provider of mortgages and savings.
The purchase brings together around 24.5 million customers, more than 25,000 employees and almost 700 branches.
The two brands will continue to exist on the UK high street for between four and six years, before Nationwide fully absorbs Virgin Money and switches customers.
Britain's top banker Debbie Crosbie, chief executive of Nationwide, said profits generated by Virgin Money will now be used for customers, rather than paid to shareholders.
He said the profit his company made by buying the rival below its £4.4bn valuation gave it the opportunity to invest in service and value.
The firm's half-year results, released on Wednesday morning, showed Nationwide achieved record growth in mortgages and retail deposits and the highest ever member value at the half-year stage.
This included the return of £950 million in fees and incentives, plus £385 million in Fairer Share payments, which consist of rewards paid to eligible members.
Ms Crosbie said: “Over the last 18 months, our mutual model has allowed us to provide more than £3.5 billion in value to members, including £729 million through the National Fairer Share Payment.”
The building society said it posted profits of £959m, down from £1.3bn last year.
He said this was due to the bank's fluctuating base interest rate throughout the year and its decision to “return more value” to its customers.
The company's mortgage balances rose to a record £210.8bn, while net lending also hit a high of £6.3bn.
Member deposit balances also increased by £8.3 billion to £201.7 billion.
The company also recorded its highest level of loans for first-time buyers and recently expanded its Helping Hand product, which allows mortgage loans of up to six times income.
