We recently announced our financial results for the period ending 30 June 2017.
- A natural home for savings: Savings balances have grown by 11% since June 2016 with balances increasing by £1.9 billion in the first half of the year, taking the Society’s overall savings deposits to a record £29.9 billion. Savings growth has been more than seven times the rate of the market¹ as a whole for the five months to May 2017.
- Giving value to members: The average weighted savings rate paid to Coventry Building Society members of 1.54% was 0.89% higher than the market average (0.65%) over the first five months of the year².
- Strong mortgage growth: Gross lending was £4.4 billion and net lending £1.6 billion for the first half of 2017, with a market share of net lending for the five months to May 2017 of more than 10%1. Since June 2016, mortgage balances have grown by 10%.
- Leading cost efficiency: With a cost to mean asset ratio of 0.42%³, the Coventry continues to report the lowest cost to mean asset ratio of any building society⁴, underpinning the value given to members.
- Low risk: The Society’s low risk lending approach protects individual members and the Society alike. Loans where arrears were greater than 2.5% of the balance were down to 0.15% (including possessions), around one sixth of the industry average of 0.93%⁵.
- Sustained profits: Statutory profit before tax increased by 2% to £112.4 million (30 June 2016: £110.0 million).
- Increased capital strength: Common Equity Tier 1 (CET 1) ratio increased to 34.0% (30 June 2016: 30.4%) and remains the highest reported by any top 20 UK lender⁶ whilst the Society’s leverage ratio has been maintained at 4.1%, substantially above regulatory requirements.
- Source: Bank of England – latest published data as at 31 May 2017.
- The Society’s average month end savings rate (Society mix of products) compared to the Bank of England weighted average rate for household interest-bearing deposits (market mix of products).
- Administrative expenses, depreciation and amortisation/Average total assets.
- Source: Building Societies Association: Annual Accounts Data 2017 and latest published data as at 27 July 2017.
- Source: Prudential Regulation Authority – latest published data as at 31 March 2017.
- Source: Council of Mortgage Lenders – 2016 top mortgage lenders (balance outstanding) – latest published CET 1 data as at 27 July 2017.
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