Boom time for Coventry Building Society with six month profit topping £100m

COVENTRY Building Society has released a powerful set of results for the six month period ended June 30 with half year profit topping £100m.

Its interim financial report also reveals record mortgage growth. Mortgage assets were up 13% with record advances of £4.2bn in the first half of 2015 up 25% on the same period in 2014. 

Record net lending of £1.8bn is equivalent to an estimated 16% mortgage market share.

The society has also seen significant growth in savings. Savings deposit balances have increased by 10% on June 2014, with growth in the first half of 2015 of £0.7bn.

Its profit before tax increased by 14.2% to £100.4m (30 June 2014: £87.9m).

Chief executive Mark Parsons said: “I am pleased to report that, in the first six months of 2015, the Society has continued its strong, member-focused performance. 

“Our strength is this consistency. We continue to deliver a strategy of long-term value for our members based on low cost operations, low risk lending, and high quality service.

“This provides the basis for strong but appropriate levels of profitability, sustainable growth and a secure capital position.”