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

Financial results

Financial results for the year ended 31 December 2015

On 26 February 2016, we announced our results for the year ended 31 December 2015.

Highlights include:

Robust financial performance

  • Profit before tax increased by 7% to £216.0 million (2014: £201.8 million)
  • Cost to mean asset ratio was 0.42%1, the lowest reported by a UK building society (2014: 0.42%)
  • At 31 December 2015, only 0.24% of mortgage balances were 2.5% or more in arrears (2014: 0.40%)
  • Common Equity Tier 1 (CET 1) ratio of 29.4% remains the highest reported by any top 20 UK mortgage lender
  • Leverage ratio of 4.0% (on an end-point basis), comfortably above the regulatory minimum requirement2
  • Maintained strong ‘A’ credit ratings - Fitch (A) with Moody’s improving its rating from A3 to A2 in June

Growth in mortgage and savings balances

  • New mortgage lending increased by 8% to £8.0 billion
  • Mortgage assets increased by £2.5 billion (9%) to £29.4 billion, five times the rate of market growth3
  • Savings balances grew by £2.0 billion (8%) to £25.4 billion

Doing the right thing for members and the community

  • At the end of 2015 our average savings rate was 1.97% compared to a market average of 1.11%4
  • Consumer champion, Fairer Finance, awarded the Society its Gold Ribbon and rated it top in both mortgages and savings based on customer happiness, trust, complaint handling and transparency in its review of major financial services brands
  • Moneywise Customer Service Awards rated the Society the ‘Most Trusted Savings Account Provider’ in 2015
  • Coventry cash ISAs have been in the national press best buy tables every week for over three years
  • Mortgages offered by the Society have been in the national press best buy tables every week for over two years
  • The Financial Ombudsman asked for the outcome of a complaint referred to it for review to be changed on just 11 occasions, representing 7% of referred cases compared with over 50% for all financial services providers5
  • Employee engagement increased to 88% which is 15% higher than the average in the financial services sector6
  • The Society has donated £12.6 million to The Royal British Legion’s Poppy Appeal since October 2008

1Administrative expenses, depreciation and amortisation/Average total assets
2Applicable to organisations with retail deposits in excess of £50 billion
3Source: Bank of England.
4Weighted calculation comparing the Society balance mix of accounts to market mix as quoted by Bank of England (December 2015 data) for interest bearing sight deposits, interest bearing time deposits and Cash ISAs (excludes non-interest bearing current accounts, notes and coins and corporate/PNFC deposits)
5Source: Financial Ombudsman Service - latest published data, as at 25 February 2016
6Financial services sector benchmark used by an independent third party

2015 year end financial results - news release (PDF 234KB)Opens in a new window

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

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