Coventry Building Society reports ‘robust performance’ for first half of 2022

Steve Hughes

Coventry Building Society has reported a ‘robust performance’ for first half of 2022, increasing its pre-tax profit to £158 million from £124 million in the same period last year.

The mutual said its net interest margin improved to 1.11 per cent from 0.88 per cent a year ago, while gross mortgage lending of £3.8 billion in H1 2022 had enabled overall balances to be maintained.

It said it had been able “to continue long-term support for members, colleagues, brokers and communities,” offering “higher savings rates than the market average, exceptional levels of service to members, customers and brokers, and additional valuable support for the communities it serves.

Chief executive Steve Hughes said: “It’s during tough times that organisations like ours have to stand up to be counted.

“We’re standing shoulder to shoulder with our members, colleagues, broker partners and our communities.

“We’ve prioritised value on savings and mortgages, supported by exceptional levels of service, while investing more in the communities we live and work in.

“We’re able to do this because of the strength of our business model that focuses on long term value and continues to deliver benefits that stand the test of time.”

The society said it was committed to physical branches at a time when high street banks were closing multiple outlets.

“We’re about to complete a re-design of our entire network, creating a brilliant home on local high streets for years to come,” said the CEO.