Bumper profits at The Coventry
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.”
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.