Ms Crosbie, who has led the mutual since 2022, received a total package of £4.67m for the financial year to 31 March, up from £2.49m the previous year. The award comprised a fixed salary of £1.2m, bonuses totalling £3.2m, and a pension allowance and benefits.

Nationwide attributed the increase to the maturing of a long-term incentive plan first granted in June 2023 and tied to the society’s three-year performance. The pay committee said it was comfortable that the outcomes reflected the society’s strong performance.

Chairman Kevin Parry said: “Debbie Crosbie’s pay has increased because it includes a long-term bonus for the first time, reflecting the Society’s outstanding performance and development over the last three years.

“In that period, Nationwide has paid out more to members than at any time in its history, our customer satisfaction lead has doubled, and we now have the largest branch network in the country. Because of this, we have been able to quadruple member value and attract, retain and motivate talented people to work at Nationwide.”

The Virgin Money acquisition, completed at the start of October, was the biggest UK banking merger since the financial crisis and created the country’s second-largest retail banking provider, behind Lloyds and ahead of NatWest.

Total income rose 22% to £6.4bn, though pre-tax profit fell to £1.49bn from £2.3bn, the prior year having been inflated by a one-off gain from the deal. The Virgin Money brand is to be phased out, with the first branch rebranding expected in 2028.

Nationwide will have distributed roughly £1.5bn to members since 2023 under its profit-sharing scheme, with around 4.4 million eligible members receiving a further £100 payment this month.

The society is meanwhile facing criticism over its handling of James Sherwin-Smith, the first member-nominated candidate to stand for its board in 24 years. The board has recommended that members vote against him, arguing it was not satisfied he would contribute constructively and effectively.

Mr Sherwin-Smith has criticised the retention of the ‘Quick Vote’ system, which allows members to endorse only board-approved candidates, describing the election as an “unfair fight” that sets a dangerous precedent. Mr Parry countered: “No board, regardless of whether it is of a mutual or public company, should ever recommend the appointment of a director who does not have the skills and experience necessary to do the job.”

Nationwide’s annual general meeting takes place on 15 July.