We use cookies to ensure we give you the best browsing experience on our website. This includes cookies from third party analytics providers to help us understand how you use our site so we can continually improve. You can delete and block cookies, but parts of our site won't work without them.

If you'd like to find out more about how we use cookies view our Cookie policy.

To find out more about how we look after your data view our Privacy notice.

Manage cookies


Coventry intermediaries logo0800 121 7788 Monday to Friday 9am - 5pm. Closed on bank holidays.

Financial results

Interim financial results for the period ended 30 June 2014

On 1 August 2014, we announced our results for the six months ended 30 June 2014.

Highlights include:

Excellent growth in savings and mortgages

  • New mortgage lending up 17% to £3.4 billion (30 June 2013: £2.9 billion).
  • Net mortgage lending was £1.3 billion, equivalent to 12% of all net mortgage lending in the UK1.
  • Savings balances increased by £0.6 billion, to a record £22.0 billion.

Continued strong financial performance

  • Profit before tax increased by 82% to £87.9 million (30 June 2013: £48.3 million).
  • Cost to mean asset ratio of 0.41% remains the lowest reported by a UK building society.
  • Impairment charges just £3.3 million, reflecting the Society's low risk lending both before and throughout the credit crisis.
  • Loans where arrears were greater than 2.5% of the balance were 0.58% (including possessions). This represents just 42% of the industry average of 1.37%2.
  • Common Equity Tier 1 (CET 1) ratio of 24.6% remains the highest reported by any top 10 building society.
  • Successful issuance of £400 million Additional Tier 1 capital in June reflects the Society's strength and record of profitability and increased the Society's leverage ratio significantly above current minimum requirements.
  • Maintained strong 'A' credit ratings throughout the 'credit crunch' - Fitch (A) and Moody's (A3).

Doing the right thing for members and the community

  • Average variable Cash ISA savings rate of over 2.40%3 - with all Coventry Cash ISAs paying at least 2.00%, comparing favourably against the average market variable cash ISA rate of 1.16%1.
  • A Coventry Cash and Junior ISA have been in the national press 'best buys' for over 120 consecutive weeks.
  • Average savings rate of over 2.00%3 across all savings balances with over 90% of savings balances paid an interest rate of 1.50% or more4 - three times the Bank of England Base Rate.
  • Over three-quarters of all variable savings balances currently held at the Society are paid a rate equal to or higher than the equivalent 'best buy' from any major high street bank or building society5.
  • In the most recent table published by the Financial Ombudsman Service, Coventry had one of the lowest proportions of complaints upheld of any high street bank or building society listed.
  • No individual member of staff is incentivised to sell products and hasn't been since 2010.
  • A further £0.9 million raised for The Royal British Legion's Poppy Appeal during the first six months of the year.
  • Recently awarded Most Trusted Cash ISA, Current Account and Savings Provider 2014 by Moneywise.

1As at 30 June 2014. Source: Bank of England.
2As at 31 March 2014. Source: PRA.
3Weighted average interest rate by balances held at 30 June 2014.
4As at 30 June 2014. Excludes Offset accounts.
5As at 30 June 2014. Average non-ISA deposit of £10,000 and ISAs £15,000. Excludes competitor products with restricted availability (e.g. existing customers only or reliant on maintaining or opening another product with the same provider) and Coventry Current/MoneyManager and Offset accounts. Source: Moneyfacts data.

Download the 2014 Interim Report (PDF 624KB)Opens in a new window for the period ended 30 June 2014.

The maintenance and integrity of the Coventry Building Society website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Close X

Need some help?

Chat now

Or try our FAQS