Coventry Building Society sees profit leap by 82%

COVENTRY Building Society has seen rapid growth in the six months up to June 30.

In its interim financial report it reported new mortgage lending up 17% to £3.4bn (30 June 2013: £2.9bn).

Net mortgage lending was £1.3bn, equivalent to 12% of all net mortgage lending in the UK while savings balances increased by £0.6bn, to a record £22bn.
 
And profit before tax increased by 82% to £87.9m (30 June 2013: £48.3m).

Looking forward, chief executive Mark Parsons said: “The timing and extent of a potential rise in the Bank of England Base Rate remains the cause of much speculation and one that sums up the challenge for the Society in protecting the interests of all members – those who may rely on their savings to supplement their income and those for whom a mortgage represents their most significant monthly financial commitment.

“However, the Society has a track record of successfully balancing these interests and delivering long-term value to all of its members.

“I believe that we are in an excellent position to maintain this record and I look forward to leading the Society for the benefit of existing and future members.”