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Financial results

We recently announced our financial results for the period ending 30 June 2017.

Highlights include:

  • 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.

  1. Source: Bank of England – latest published data as at 31 May 2017.
  2. 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).
  3. Administrative expenses, depreciation and amortisation/Average total assets.
  4. Source: Building Societies Association: Annual Accounts Data 2017 and latest published data as at 27 July 2017.
  5. Source: Prudential Regulation Authority – latest published data as at 31 March 2017.
  6. Source: Council of Mortgage Lenders – 2016 top mortgage lenders (balance outstanding) – latest published CET 1 data as at 27 July 2017.

You can find out more information about these results by downloading our 2017 Interim Financial Report (PDF 2MB)

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.