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Financial results

Interim financial results for the period ending 30 June 2016

On 29 July 2016, we announced our results for the six months ending 30 June 2016.

Highlights include:

  • Record mortgage performance
    Mortgage assets up 9% on June 2015 following record advances of £4.8 billion and net lending of £2.0 billion for the first half of 2016. Market share of net lending for the five months to May 20161 was 13%.
  • Significant growth in savings
    Savings deposit balances up 12% on June 2015 with balances having increased by £1.6 billion in the first half of the year, taking the Society's overall savings deposits to a record £26.9 billion. Savings growth was nearly double that of the market for the five months to May 20161. Indeed since 30 June 2015 Coventry Building Society has accounted for over 27% of Cash ISA market growth1.
  • Strong profits
    Statutory profit before tax increased by 10% to £110.0 million (30 June 2015: £100.4 million).
  • Sector leading cost efficiency
    Cost to mean asset ratio maintained at 0.42%2 and continues to be the lowest reported by a UK building society3, supporting the Society's ability to offer consistently competitive interest rates.
  • Low risk
    The Society's low risk lending approach protects individual borrowers and the Society alike. Impairment charges totalled just £0.3 million on mortgage assets of £31.4 billion, and loans where arrears were greater than 2.5% of the balance were 0.23% (including possessions), around a quarter of the industry average of 1.0%4.
  • Increased capital strength
    Common Equity Tier 1 (CET 1) ratio of 30.4% (30 June 2015: 27.9%) remains amongst the highest reported by any top 20 lender5 whilst the Society's leverage ratio6 has been maintained at 4.0%, substantially above regulatory requirements.
  1. Source: Bank of England - latest published data - as at 31 May 2016.
  2. Administrative expenses, depreciation and amortisation/Average total assets.
  3. Latest published data as at 28 July 2016.
  4. Source: Prudential Regulation Authority - latest available data, as at 31 March 2016.
  5. Source: CML Top 20 mortgage lenders (as published September 2015) - latest published CET 1 data, as at 28 July 2016.
  6. The leverage ratio is calculated on an end-point basis, in accordance with the definitions of CRD IV as amended by the European Commission delegated regulation. The calculation reflects constraints on the inclusion of Additional Tier 1 capital, in accordance with the Financial Policy Committee's leverage ratio regime.

You can find out more information about these results by downloading our 2016 interim financial report (PDF 6.0MB)Opens in a new window

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