Nationwide paid its chief executive total remuneration of £1.7m last year.

Graham Beale received a basic salary of £575,000 plus a pension allowance of £78,000 in the financial year ended April 4 2008.

He also received annual performance pay of £644,000 plus a £357,000 payment under Nationwide’s medium term performance plan and was given benefits with a value of £25,000.

Beale was finance director at Nationwide for four years before stepping up to the top job last year. His new remuneration is almost double the £784,000 package he received in the previous financial year.

Nationwide, which saw its assets rise by 30% to almost £180bn in the period, is the UK’s second-largest mortgage lender and savings institution. It took almost £1 of every £5 deposited by savers during the past year

Financial Times