Coventry Building Society sees its profits surge
COVENTRY Building Society has seen its profit before tax increase by more than £40m in the year ending December 31.
Profits leapt to £132.1m from the £91.1m achieved 12 months earlier.
Savings balances were also up markedly, by £1.2bn to £21.3bn, while mortgage assets increased by £2.1bn to £24.1bn.
Chief executive David Stewart said: “Our results for 2013 demonstrate that Coventry Building Society remains in good shape, continuing the track record of strong financial performance and genuinely member-focused service established before the onset of the current financial crisis.
“The last 12 months have seen a number of notable market developments, some of which have helped the performance of mortgage lenders generally.
“The improved availability of mortgage finance to borrowers is a welcome development, though banks and building societies must remain mindful of the need to lend responsibly.
“Less welcome has been the impact of these unprecedented conditions on savers. As well as helping homeowners, Coventry Building Society is equally focused on doing the right thing for its saving members.
“The Society’s performance in delivering the best possible outcome for savers is clear – we have reported the highest average interest rate of any top ten building society or mutual lender over the six year period 2007-2012.”
