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Financial results

Interim financial results for the period ending 30 June 2016

On 29 July 2016, we announced our results for the six months ending 30 June 2016.

Highlights include:

  • Record mortgage performance
    Mortgage assets up 9% on June 2015 following record advances of £4.8 billion and net lending of £2.0 billion for the first half of 2016. Market share of net lending for the five months to May 20161 was 13%.
  • Significant growth in savings
    Savings deposit balances up 12% on June 2015 with balances having increased by £1.6 billion in the first half of the year, taking the Society's overall savings deposits to a record £26.9 billion. Savings growth was nearly double that of the market for the five months to May 20161. Indeed since 30 June 2015 Coventry Building Society has accounted for over 27% of Cash ISA market growth1.
  • Strong profits
    Statutory profit before tax increased by 10% to £110.0 million (30 June 2015: £100.4 million).
  • Sector leading cost efficiency
    Cost to mean asset ratio maintained at 0.42%2 and continues to be the lowest reported by a UK building society3, supporting the Society's ability to offer consistently competitive interest rates.
  • Low risk
    The Society's low risk lending approach protects individual borrowers and the Society alike. Impairment charges totalled just £0.3 million on mortgage assets of £31.4 billion, and loans where arrears were greater than 2.5% of the balance were 0.23% (including possessions), around a quarter of the industry average of 1.0%4.
  • Increased capital strength
    Common Equity Tier 1 (CET 1) ratio of 30.4% (30 June 2015: 27.9%) remains amongst the highest reported by any top 20 lender5 whilst the Society's leverage ratio6 has been maintained at 4.0%, substantially above regulatory requirements.
  1. Source: Bank of England - latest published data - as at 31 May 2016.
  2. Administrative expenses, depreciation and amortisation/Average total assets.
  3. Latest published data as at 28 July 2016.
  4. Source: Prudential Regulation Authority - latest available data, as at 31 March 2016.
  5. Source: CML Top 20 mortgage lenders (as published September 2015) - latest published CET 1 data, as at 28 July 2016.
  6. The leverage ratio is calculated on an end-point basis, in accordance with the definitions of CRD IV as amended by the European Commission delegated regulation. The calculation reflects constraints on the inclusion of Additional Tier 1 capital, in accordance with the Financial Policy Committee's leverage ratio regime.

You can find out more information about these results by downloading our 2016 interim financial report (PDF 6.0MB)Opens in a new window

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.

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