Profits slide at The Coventry

Profits have dropped dramatically at the Coventry Building Society, with the company blaming a drop in mortgage market pricing and higher than normal interest rate rates to members.

Profits at the Society dropped from £163m in 2018 to £121.7m last year, as chief executive Mark Parsons prepares to step down from his role after five years to retire.

The Coventry offered average savings rate of 1.49% – almost double the market rate, while savers received £228m more interest than they would have received at average market rates.

Parsons said: “I am delighted to be passing on the reins of this special organisation to Steve Hughes and wish him the very best. I thank our strong Board for the support they have provided me. Above all, I thank each and every one of my colleagues for their continued commitment to ‘Putting our Members First’.”