Financial results

Strong performance for Coventry Building Society

Commenting on these results, Steve Hughes, Chief Executive Coventry Building Society, said:


“Changes to the interest rate environment have created volatility in markets and a fast-moving situation for savers and borrowers alike. In this context we have delivered a strong but importantly a balanced performance by concentrating on great value products and outstanding service, and ensuring we have the right foundations in place to support our future success. We have proactively supported borrowers, delivered greater benefit to savers and enhanced our financial resilience. Our growth has been ahead of the market, creating jobs and delivering on our sustainability goals. These are important proof points of the mutual model.”


Growing mortgages and savings


  • Mortgage balances grew by £0.8bn (1.7%) to £48.8bn. We have grown mortgage balances in a broadly flat market by taking a responsible approach to lending that reflects current market conditions and the needs of our members. Gross advances of £4.0bn increased by 5.2% on H1 2022. 
  • Savings balances grew by £3.2bn (7.5%) to £45.5bn. We have grown savings by offering exceptional and competitive products, with a focus of rewarding loyalty.  We have paid higher savings rates than the market average, increasing the premium we pay members by more than 60% from £99m to £163m. 


Strong financial performance


  • Profit before tax of £269m (H1 2022: £158m). The rising interest rate environment supported an improved income performance with a net interest margin of 1.34% (H1 2022: 1.11%) even after offering better rates to savers and protecting variable rate mortgage customers from the full rises in interest rates.
  • The Society’s leverage ratio increased to 5.5% (FY 2022: 5.2%). Strong profitability has strengthened our capital position and resilience facing into a weaker economic outlook. The Common Equity Tier 1 (CET 1) ratio has also strengthened and remains well above statutory requirements at 30.4% (FY 2022: 27.4%).
  • Continued low arrears balances of 0.22% of mortgages more than three months in arrears (FY 2022: 0.17%). The credit quality of our mortgage book remains resilient and less than a third of industry average1.


Delivering on our service promise whilst continuing to invest for the future


  • Excellent customer service with Experience Net Promoter Score of +74 (FY 2022: +75) and investment in operational capacity during a period of exceptional demand from members, customers and brokers.
  • Invested £44m in H1 2023 in technology infrastructure, digital transformation, operational and financial resilience with further key milestones due in H2.
Supporting colleagues and the communities we serve
  • We launched our new corporate partnership with Centrepoint to support its national and local programmes to end youth homelessness. First building society to achieve B Corp status.  We’re the first UK building society to be awarded B Corp accreditation, global gold standard for sustainability. 
  • Improved our ranking in the Great Place to Work table of super large organisations from 17 to 13, as well as being recognised as one of the best places to work for women in super large UK companies.
Results archive

2022 results

2022 Annual Report & Accounts (PDF 3MB)

2022 Year End Financial Results - News Release (PDF 110KB)

2022 Interim Financial Report (PDF 3MB)

2022 Interim Financial Results - News Release (PDF 225KB)

2022 Pillar 3 Disclosures (PDF 1.4MB)


2021 results

2021 Annual Report & Accounts (PDF 2.8MB)

2021 Year End Financial Results - News Release (PDF 2.7MB)

2021 Interim Financial Report (PDF 2.7MB)

2021 Interim Financial Results - News Release (PDF 2.7MB)


2020 results

2020 Annual Report & Accounts (PDF 3MB)

2020 Pillar 3 Disclosures (PDF 1MB)

Our 2020 Annual Review (PDF 3MB)

2020 Year End Financial Results - News Release (PDF 130KB)

2020 Interim Financial Results - News Release (PDF 53.3KB)

2020 Interim Financial Report (PDF 1.6MB)


2019 results

2019 Annual Report & Accounts (PDF 6.56MB)

2019 Pillar 3 Disclosures (PDF 1.71MB)

2019 Summary Financial Statement - (PDF 1.79MB)

2019 Year End Financial Results - News Release (PDF 316KB)

Capital Update 11 December 2019 (PDF 5MB)

2019 Interim Financial Report (PDF 5.9MB)


2018 results

2018 Annual Report & Accounts (PDF 4200KB)

2018 Pillar 3 Disclosures (PDF 5.3MB)

2018 Summary Financial Statement (PDF 4.28MB)

2018 Year End Financial Results-News Release (PDF 291KB)

2018 Interim Financial Report (PDF 1.28KB)


2017 results

2017 Annual Report & Accounts (PDF 3.4MB)

2017 Pillar 3 Disclosures (PDF 3.4MB)

2017 Summary Financial Statement (PDF 784KB)

2017 Year End Financial Results - News Release (PDF 601KB)

2017 Interim Financial Report (PDF 1.2MB)


2016 results

2016 Annual Report & Accounts (PDF 3,194KB)

2016 Pillar 3 Disclosures (PDF 3,772KB)

2016 Year End Financial Results - News Release (PDF 112KB)

2016 Summary Financial Statement (PDF 784KB)

2016 Interim Financial Report (PDF 6MB)


2015 results 

2015 Annual Report & Accounts (PDF 3.2MB)

2015 Pillar 3 Disclosures (PDF 8.1MB)

2015 Year End Financial Results - News Release (PDF 235KB)

2015 Summary Financial Statement (PDF 2.9MB)

2015 Interim Financial Report (PDF 2.8MB)


2014 results

2014 Annual Report & Accounts (PDF 1.7MB)

2014 Pillar 3 Disclosures (PDF 1.6MB)

2014 Year End Financial Results - News Release (PDF 196KB)

2014 Summary Financial Statement (PDF 308KB)

2014 Interim Financial Report (PDF 624KB)


2013 results

2013 Annual Report & Accounts (PDF 3.2MB)

2013 Pillar 3 Disclosures (PDF 998KB)

2013 Year End Financial Results - News Release (PDF 77KB)

2013 Summary Financial Statement (PDF 530KB)

2013 Interim Financial Report (PDF 532KB)

2013 Interim Financial Results - News Release (PDF 132KB)


2012 results

2012 Annual Report & Accounts (PDF 783KB)

2012 Pillar 3 Disclosures (PDF 946 KB)

2012 Year End Financial Results - News Release (PDF 181KB)

2012 Summary Financial Statement (PDF 345 KB)

2012 Interim Financial Report (PDF 107KB)

2012 Interim Financial Results - News Release (PDF 98KB)


2011 results

2011 Annual Report & Accounts (PDF 601KB)

2011 Pillar 3 Disclosures (PDF 207KB)

2011 Year End Financial Results - News Release (PDF 88KB)

2011 Summary Financial Statement (PDF 426KB)

2011 Interim Financial Report (PDF 315KB)

2011 Interim Financial Results - News Release (PDF 54KB)

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.