Coventry Building Society reports record results
Coventry Building Society has announced record results for the six months to 30 June. The third largest building society in the UK reported that underlying profit before tax increased by 40 per cent to £46.5m.
Profit before tax increased by 20 per cent to £43.5m. Net mortgage lending was £751m, which is says was equivalent to 31 per cent of all net mortgage lending in the UK.
It also said its gross mortgage advances of £1.6bn represented 18 per cent of all mortgage advances by building societies and mutual banks.
Retail savings balances grew by £1.7bn (13 per cent) during the first half of 2010 and it said net retail receipts were equivalent to 8 per cent of net retail receipts of all UK banks and building societies.
David Stewart, chief executive, said: "I am pleased to report that the society continues to perform well. These excellent results maintain our record of strong performance since the onset of the credit crisis in 2007."
