Bumper prof­its at The Coven­try

Warwickshire Telegraph - - NEWS - Jenny Wadding­ton Busi­ness edi­tor jenny.wadding­ton@coven­try­tele­graph.net

COVEN­TRY Build­ing So­ci­ety has an­nounced strong an­nual re­sults – which saw its un­der­ly­ing prof­its jump by 51 per cent to £217.8mil­lion.

The re­sults, which were pub­lished yes­ter­day, showed that pre-tax profit rose to £201.8mil­lion from £132.1mil­lion in 2013.

And in 2014, the so­ci­ety saw its new mort­gage lend­ing in­crease by 25 per cent to £7.4bil­lion and its sav­ings bal­ances were up by £2.1bil­lion to £23.4bil­lion.

Mark Par­sons, Coven­try Build­ing So­ci­ety’s chief ex­ec­u­tive, said: “In 2014, we once again proved that a busi­ness model based on do­ing the right things for mem­bers can flour­ish.

“We con­tin­ued to grow our mort­gage lend­ing with a record £7.4bil­lion of ad­vances, a 25 per cent in­crease on 2013. The over­all growth in mort­gages held was £2.8bil­lion, a 35 per cent in­crease on 2013 growth, and equiv­a­lent to 13 per cent of UK net mort­gage lend­ing.

“With to­tal mort­gage bal­ances up 12 per cent, the So­ci­ety now ac­counts for 2.1 per cent of all UK mort­gage bal­ances, more than dou­ble our mar­ket share seven years ago when the fi­nan­cial cri­sis be­gan.”

Con­sumer

cham­pion Which? rated Coven­try the high­est scor­ing UK build­ing so­ci­ety fea­tured in the Which? re­sults ta­ble for cus­tomer sat­is­fac­tion.

Coven­try cash ISAs have been in the na­tional press best buy ta­bles ev­ery week for nearly three years, and non­ISA sav­ings prod­ucts ev­ery week for over two years.

And mort­gages of­fered by the so­ci­ety were in the na­tional press best buy ta­bles ev­ery week of 2014.

Mr Par­sons added: “Coven­try Build­ing So­ci­ety is a 130-year-old mu­tual and proud of it.

“We are also a growth busi­ness and the 2014 re­sults con­tinue a trend of growth which was main­tained through­out the fi­nan­cial cri­sis. Our abil­ity to grow rests, as it al­ways has done, on re­tain­ing the loy­alty of ex­ist­ing mem­bers and at­tract­ing new mem­bers to the so­ci­ety.

“I be­lieve that stay­ing true to our prin­ci­ples, which pro­tect the in­ter­est of all our mem­bers, means we are well placed to con­tinue this growth.”

The so­ci­ety has also con­tin­ued to sup­port wor­thy causes. It has do­nated nearly £11mil­lion to the Royal Bri­tish Le­gion’s Poppy Ap­peal since 2008.

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