About usOur financial results2010 Year end financial results

2010 Year end financial results

Coventry Building Society announces record mortgage market share - 19% of net mortgage lending in the UK.

Coventry Building Society, the UK's third largest building society, on 1 March announced record breaking results for the year ending 31 December 2010.

Highlights include:

Record profits

• Operating profit before impairments and exceptional items of £85.0 million (2009: £75.0 million).
• Underlying profit before tax increased by 27% to £75.3 million¹.
• Profit before tax was £100.6 million (2009: £56.2 million).

Highest ever market share

• Gross mortgage lending of £3.5 billion (2009: £2.7 billion).
• 17.1% of all mortgage advances by building societies and mutual lenders (source: BSA).
• Net mortgage lending of £1.6 billion (excluding balances acquired as a result of the Stroud & Swindon merger) (2009: £0.9 billion).
• 19.0% of all net mortgage lending in the UK (source: CML).
• Retail savings balances grew by £2.2 billion (excluding balances acquired as a result of Stroud & Swindon merger) (2009: £0.8 billion).
• Mortgage assets increased by a further £1.9 billion and savings balances by £2.2 billion following completion of the merger with Stroud & Swindon on 1 September 2010.

Financially strong, class-leading efficiency

• Lowest cost to mean asset ratio reported by a UK building society at only 0.37% (2009: 0.38%).
• Including former Stroud & Swindon mortgages, only 0.82% of mortgage balances were 2.5% or more in arrears (2009: 0.93%, including Stroud & Swindon).
• Retail savings and capital resources equivalent to 106% of mortgage balances.

¹Underlying profit is defined as operating profit before exceptional items.

2010 Year End Financial Results - News Release (10 page PDF)

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.