Exceptional growth in retail savings ensures Coventry Building Society strengthens its position in 2007
Coventry, the UK's fourth largest building society, has today 4 March 2008 announced its financial results for 2007.
Highlights include:
- Retail savings balances increased by £2.1 billion, or 25.3%, to £10.3 billion.
- Mortgages and other loans grew by £1.8 billion to £11.8 billion, an increase of 18.0%.
- Total assets rose by 21.4% to £14.9 billion.
- Net retail receipts, before capitalised interest, up 235% to over £1.7 billion.
- Gross mortgage advances increased by 44% to £4.22 billion.
- Net mortgage lending increased by 97% to £1.73 billion.
- Cost to mean assets ratio fell from 0.53% to 0.48%.
- Profit before tax and IFRS fair value adjustments increased by 16.7% to £69.1 million.
- Retained profit increased by 7.1% to £46.8 million.
- Credit quality remains high - accounts six months or more in arrears less than one third of CML average.
- No exposure to US sub-prime assets, no CDO or SIV investments.
- In July 2007, FSA granted waiver to use IRB approach for credit risk for the purposes of calculating capital adequacy under Basel II.
- Over 100,000 new customers opened accounts in 2007.
2007 Report and Accounts>> (70 page pdf) Summary Financial Statement>> (16 page pdf)
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