Coventry Building Society delivers strong financial performance

Coventry

Coventry Building Society delivered a strong financial performance in the first half of 2021, supporting significant mortgage and savings growth despite the challenges of the pandemic and the majority of staff working from home.

Steve Hughes, Chief Executive, Coventry Building Society, said: “During these six months we have delivered a strong financial performance, recognising the impact of the pandemic, whilst continuing to invest in our services, technology and people. This performance reflects an exceptional commitment to members and customers by my colleagues across the Society and I am so proud of what they have achieved. We continue to focus on running the Society in the interest of our members and ensuring that we are set up for long term success.”

Mortgage balances increased by £2.4bn for the first half of 2021 to £45.9bn, more than twice the rate of market growth in the period. This includes significantly increased support for first time buyers, helping 3,800 members move in to their first home.

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

The building society reported profit before tax of £124m (2020 H1: £22m), reflected the Society’s strong performance in a period of improving economic outlook and continued strong improvement in the Society’s Net Interest Margin.

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