Coventry Building Society announces record results
COVENTRY Building Society has announced record profits during the six months ending June 30.
The society’s share of the mortgage market was also a record with net mortgage lending equivalent to 45% of the UK market.
Profit before tax increased by 17% to £52.8m during the period and mortgage
assets increased by £1.8bn to £21bn.
New mortgage lending increased by 33% to £2.5bn and net mortgage lending was £1.3bn, equivalent to 45% of all net mortgage lending in the UK.
And savings balances increased by £300m, to a record £19.3bn.
The society says it has no direct exposure to either sovereign debt or banks of Portugal, Ireland, Italy, Greece or Spain.
Chief executive David Stewart said: “Coventry continues to make strong progress, building on the excellent record established since the onset of the credit crisis.
“Further evidence of the society’s continued strength can be found in our credit ratings, and Coventry is now the only rated UK High Street bank or building society not to have been downgraded by any rating agency in any of the last three years.
“I remain confident that the society is well positioned to continue to prosper in what is still an uncertain economic environment.”
