View more on these topics

Coventry reports 385m increase in mortgages and loans

The Coventry increased its mortgages and other loans by 385m its interim results for the first half of 2006 reveal.

Other highlights include a growth of 4.3% in assets for the six months, which now exceeds 11.5m.

Growth in savings balances were up 4.9% to 7.8bn, and profit before tax was up 13% over the same period in 2005 to 29m.

David Stewart, chief executive of the Coventry, says: As a building society, our aim is to provide good value mortgage and savings products for the benefit of our members.

I am therefore very pleased to report further growth in both mortgage and savings balances, both of which have risen to record levels.

We have been particularly keen to help first-time buyers in what is a difficult market for them and it is pleasing that these efforts have been recognised in the form of several independent awards.

With no dividends to pay to outside shareholders, we have again been able to narrow our interest margin, now 0.85% of average assets, for the benefit of our saving and borrowing members.

We also continue to improve our efficiency and I am pleased to report a further reduction in our management expenses to average assets ratio to 0.55%.

These results highlight a very successful performance in a highly competitively financial services market.

“They clearly demonstrate the advantages of our building society status and provide further evidence of our ability to compete successfully and to deliver real benefits to both saving and borrowing members.

Recommended

em- launches range for Northern Ireland

Mortgage packager em- has launched a new semi-exclusive range of non-conforming and near prime commercial products through em-commercial. These products are dedicated to the growing Northern Ireland market and are being launched in association with Commercial First Northern Ireland.Both ranges should gain interest from brokers across the area with the non-conforming offering up to 75% […]

Cardiff Pinnacle appointment

Cardiff Pinnacle has appointed Andy Swain as chief commercial officer with additional responsibility as executive director for the group’s sales and marketing function. His role encompasses the insurer’s creditor, warranty and direct product offerings to the UK market.

Blemain Finance joins FISA

Blemain Finance Limited has joined the Finance Industry Standards Association. Marc Goldberg, director at Blemain Finance will take up a position on the FISA board and therefore have input to the direction and evolving standards of the association. Founded in 1988 with the support of lending and broker companies, FISA act as a voluntary regulatory […]

Edeus tipped to launch 650 deals on sourcing systems

It is hotly tipped that edeus will have 650 products that will all sit on both sourcing systems when the lender launches on September 14. Mystery still surrounds the details of these products, but one source says edeus is expected to have a whopping 650 products. Martin Reynolds, director of corporate accounts at the lender, […]

Newsletter

News and expert analysis straight to your inbox

Sign up