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Maintenance updates 
We’re giving our system a bit of a checkup on 20 July from 11.30pm. While we do that, our Online Services, password set-up service and savings account opening won’t be available.

It’ll probably take a few hours - thanks for being patient. We’ll get things up and running as quickly as we can.

Financial results

We recently announced our robust financial results for the year ended  31 December 2018. 

Highlights include:

  • Strong growth in mortgages: Mortgage assets increased by £3.4 billion to £39.3 billion, representing growth of 9%, three times faster than the market1

  • Strong growth in savings: Savings deposit balances grew by £2.3 billion to £33.3 billion, representing growth of 7%, more than two and a half times the rate of the market1

  • Giving value to members: Our average savings rate in 2018 was 1.50% compared with a market average of 0.78%. This represents value returned to members of £227 million (2017: £210 million)2.

  • Delivering the right member outcomes: The Society works hard to sustain and improve the service it provides to members. It measures this using the common metric of Net Promoter Score3 and in 2018 achieved a very high and increased score of +75, representing a strong endorsement from our members. 

  • Leading cost-efficiency: At 0.50% the Society continues to report the lowest cost to mean asset ratio of any UK building society4, whilst investing significantly in its technology infrastructure and branch network. Without the significant increase in investment spend, cost to mean asset ratio was maintained at 0.41%5

  • 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 seventh of the industry average6

  • Maintained capital strength: Common Equity Tier 1 ratio was maintained at 35%, the highest reported by any top 20 lender7 and Leverage ratio was over 4%.

  • Leading colleague engagement: Excellent service is delivered by our colleagues, who are proud to Put Members First. In 2018, the Society was again rated one of the 100 Best Companies to Work For in the UK.

  • Supporting local communities: In 2018, 79% of colleagues were actively involved in volunteering, fundraising or raising awareness for local charities and community groups. 

  1. Source: Bank of England.
  2. Based on the Society’s average month end savings rate compared to the Bank of England average rate for household interest-bearing deposits on the Society’s mix of products.
  3. A measure of customer advocacy that ranges between -100 and +100 which represents how likely a customer is to recommend our products and services.
  4. Administrative expenses, depreciation and amortisation/Average total assets.
  5. Administrative expenses, depreciation and amortisation less increase in strategic investment costs compared to 2017/Average total assets.
  6. Source: Percentage of mortgages in arrears by 2.5% or more – Prudential Regulation Authority latest available information at 30 September 2018.
  7. Common Equity Tier 1 ratio for the UK Finance 2017 top 20 mortgage lenders (balance outstanding) – latest published CET 1 data as at 28 February 2019.

 

You can find out more information about these results by downloading our 2018 Year End Financial Results - News Release

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.