Coventry Building Society reports strong first half

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Coventry Building Society has reported a strong financial performance for the first six months of the year.

Profit before tax at the mutual soared to £124m up from £22m in the first half of 2020, while it reported total income of £231.5m compared to £179m during the same period the year before.

Growth across the Coventry-based mutual has seen it create 50 jobs in the period.

Mortgage balances increased by £2.4bn for the first half of 2021 to £45.9bn, over twice the rate of market growth in the period.

Savings balances increased by £0.9bn to £39.1bn with members favouring easy access and regular saver accounts.

Steve Hughes, chief executive at Coventry Building Society, said: “The first half of 2021 has been dominated by the ongoing effects of the pandemic with the continued impact on health, people’s lives and livelihoods. As we move into the second half of the year there is cause for cautious optimism.

“During these six months we have delivered a strong financial performance whilst continuing to invest in our services, technology and people. This performance is built upon an exceptional commitment to members and customers by my colleagues across the Society and I am so proud of what they have delivered.

“Our purpose is rooted in our mutuality and has a place for all our stakeholders, whether members, colleagues, the local communities we support, or our business partners. We believe that we are truly all together, better. We are a building society that will continue to prosper through being run in the long term interest of all of our members.”

The society continues to invest in branches, having upgraded 42 so far, including 10 this year, and the opening of its first new branch in 16 years at Warwickshire Shopping Park in Binley.

The mutual also agreed a ten-year naming rights deal with Wasps Rugby Club, with its iconic Coventry stadium now known as Coventry Building Society Arena.