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Financial results

Financial results for the year ended 31 December 2017

Highlights include:

  • Strong growth in mortgages: Mortgage assets increased by £3.0 billion to £35.9 billion, representing growth of 9%, nearly three times faster than the market1.
  • Record savings balances: Savings deposit balances grew by £3.0 billion to £31.0 billion, representing growth of 11%, almost four times the rate of the market1.
  • Strong capital: Profit before tax increased by 2% to £243 million, increasing the Common Equity Tier 1 (CET 1) ratio to 35%, the highest reported by any top 20 lender2 and a leverage ratio of over 4%.
  • Low costs: The Society’s cost to mean asset ratio3 was 0.42%, the lowest reported by any building society4 and a key advantage which allows us to give long term value to savings and mortgage members.
  • Low risk: The Society is a low risk lender, which protects individual borrowers and the Society alike. During the year, mortgage arrears fell and were only a sixth of the industry average5.
  • Competitive savings rates: Our average savings rate in 2017 was 1.49% compared with a market average of 0.63%6.
  • Exceptional customer service: The Society works hard to sustain and improve the service it provides to members. It measures this using the common metric of Net Promoter Score® and in 2017 achieved a very high and increased score of +73, representing a strong endorsement from our members7.
  • Highly engaged employees: Excellent service is delivered by our people, who are proud to Put Members First. In 2017, the Society was rated one of the 100 Best Companies to Work For in the UK.
  • Supporting local communities: In 2017, 79% of employees were actively involved in volunteering, fundraising or raising awareness for local charities and community groups.

1. Source: Bank of England.
2. Source: CML Economics, 2016 top mortgage lenders (balance outstanding) latest published CET1 data as at 22 February 2018.
3. Administrative expenses, depreciation and amortisation/Average total assets.
4. As at 22 February 2018.
5. Mortgage arrears greater than 2.5% of the outstanding balance. Source: Prudential Regulation Authority latest available information as at 30 September 2017.
6. The Society’s weighted average month end savings rate (Society mix of products) compared to Bank of England weighted average rate for household interest-bearing deposits (market mix of products).
7. Source: Average from 6 surveys in 2017: 12,065 branch visitors scoring 9 or 10/10; 13,642 savings contact centre callers scoring 4 or 5/5; 3,761 online services users scoring 9 or 10/10; 1,749 brokers scoring 9 or 10/10; 1,943 mortgage contact centre callers scoring 9 or 10/10; 1,913 customers who have opened an account scoring 9 or 10/10.

You can find out more information about these results by downloading our 2017 end of year financial results news release (PDF 606KB)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.

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