Record savings growth boosts Coventry Building Society

A growth in mortgage deals and record savings balances has led to a successful year for the Coventry Building Society.

In its full year results, the society said statutory pre-tax profit had increased by 2% to £242.7m (2016: £239.1m), with underlying profit at £240.5m (2016: £239.5m).

The 2017 profit performance primarily reflected an increase in net interest income offset by an increase in management expenses. The profit performance was achieved during a year when the interest paid by the society’s above market savings rates represented a return of value to members of over £210m compared with the market.

Mortgage assets increased by £3bn to £35.9bn, representing growth of 9%, nearly three times faster than the market.

Savings deposit balances grew by £3bn to £31bn, representing growth of 11%, almost four times the market rate.

Mark Parsons, chief executive, Coventry Building Society, said: “Coventry Building Society delivered a strong and balanced performance in 2017, maintaining our record of savings and mortgage growth, excellent member service and a robust financial position.

“We have grown our membership, attracted record savings deposits and increased mortgage balances nearly three times faster than the market, sustaining our position as a top 10 UK mortgage and savings provider.

“We are well capitalised and efficient, retaining enough profit to support our capital strength, and we are using our financial strength to invest in meeting the expectations of current and future members.”