The Nationwide building society has reported an annual pre-tax profit of £677m, up more than 300% on the figure last year.
It said that total income for the year ended April 4 was up 16%, at £2.9bn.
The mutual added that gross mortgage lending in the period was up 31% to £28.1bn, giving it a market share of almost 15%.
The high street lender has seen a wave of new accounts opened up as disillusioned customers flee its bigger rivals.
It said that during the reporting period 430,000 new current accounts were opened up, an increase of 18% on the previous year.
Chief executive Graham Beale said the mutual offers a "compelling alternative to the established banks".
He added: "Our performance over the past year is in line with our strategy of being a modern mutual: looking after the needs of savers, home owners and providing a whole range of financial services and products."
In its previous financial year, it opened 365,000 current accounts, taking its total to 5.2m.
Sky News City Editor Mark Kleinman first revealed the boost in account holders it received amid distrust with mainstream rivals.
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