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Financial results

Coventry delivers resilient performance and mortgage growth in challenging environment 

Despite the impact of the Covid-19 on financial results, Coventry Building Society has remained firmly open for business. It has seen continued growth in mortgages and maintained its robust capital position, whilst continuing to deliver exceptional service to members, outstanding levels of colleague engagement and ongoing support to the local communities it serves.

Financial results for the six months ended 30 June 2020 include:  

  • Mortgages: Mortgage balances have increased by £0.8bn for the first half of 2020 to £43.0bn, over twice the rate of market growth in the period1.
  • Savings: Savings balances reduced by £0.8bn to £35.4bn in the first half of 2020 due to lower mortgage growth and strong acquisition at the end of 2019.
  • Member value: The average weighted savings rate paid to members was 1.33%, 0.57% higher than the average paid in the market and equivalent to an additional £103m in interest to savers2.
  • Member outcomes: The Society’s overall Net Promoter Score increased to +773 during a period of exceptional concern for members and disruption to normal operations. The Society continues to report  one of the lowest complaint overturn rates by the Financial Ombudsman Service4. During H1 the Society supported over 37,000 borrowers with payment holidays.
  • Profit: Profit before tax of £22m (2019 H1: £75m), reduced from 2019 as a result of additional provisions of £39m for potential future credit losses in addition to lower net interest income following the reduction in the Bank of England Base Rate in March.
  • Capital and liquidity strength: Common Equity Tier 1 (CET 1) ratio remains well above statutory requirements at 31.7% whilst the Society’s Leverage Ratio5 on a UK modified basis has been maintained at 4.5%. The Liquidity Coverage Ratio of 200% is also considerably above the regulatory minimum requirement.
  • Leading cost efficiency: At 0.47%6 the Society continues to report amongst the lowest cost to mean assets ratio of any UK building society7, whilst continuing to invest significantly in its technology infrastructure and digital capability.
  • Outstanding employee engagement:  The Society is rated ‘Extraordinary’ for employee engagement and was recognised for being 2nd in the Sunday Times Best Big Companies to Work For8 list.
  • Supporting communities: Whilst face to face activity has been limited due to lockdown, we have increased emergency support for our community partners, tackling immediate needs and the longer term consequences of the pandemic. 66% of colleagues have been engaged in charitable activity over the last 12 months (2019 H1: 75%).

1. Source: Bank of England - latest published data as at 30 June 2020.
2. Based on the Society’s average month end savings rate compared to the Bank of England average rate for household interest-bearing deposits for the first six months of the year 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. H1 2020 score is based on surveys completed between 1 January 2020 and 17 March 2020.
4. Source: Financial Ombudsman Service latest available information for the six months ending 31 December 2019.
5. During the period the Society has refined its calculation of this measure. Had this applied in 2019 the comparatives would be 30 June 2019 4.6% and 31 December 2019 4.6%.
6. Administrative expenses, depreciation and amortisation/Average total assets.
7. As at 5 August 2020.
8. Source: Best Companies ’25 Best Big Companies to Work For’ listing 2020. In 2019 the Society was rated 55th in the ‘Top 100 Companies to Work For’ listing in the Mid-sized companies category.

You can find out more information about these results by downloading our 2020 Interim Financial Results - News Release (PDF 53.3KB)

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.