View more on these topics

Coventry announces half year results

Coventry Building Society, the UK&#39s fifth largest building society, has announced its results forthe six months ending 30 June 2002.

Key highlights for the half year include over 8% growth in commercial assets in first six months; record gross lending of £981 million, almost 14% up on first half of 2001; net lending of £471 million; record net savings receipts of £377 million; pre-tax profits increased to £20.4 million, up 6.8%; costs to average assets ratio reduced again to 0.66%.

Martin Ritchley, chief executive, says: “It&#39s a pleasure to announce another set of outstanding results for the first half of 2002. We&#39ve outperformed the sector on virtually every key measure of performance – whether you look at commercial asset growth, netsavings receipts or cost efficiency. These excellent results build upon the consistently strong performance we&#39ve been able to report over a number of years.”

He adds: “Gross mortgage advances, at £981 million, are significantly above our previous record total of £861 million achieved in the first half of 2001. Net lending at £471 million was 40% above the Society&#39s natural market share. This performance demonstrates the success of our multi-channel approach to distribution, with strong contributions being made from our branch network, internet and telephone channels, as well as from our intermediary partners.”

He goes on to say: “These are impressive results which demonstrate yet again the advantages of being a building society with no outside shareholders to satisfy &#45 the Coventry can look forward to the future with confidence.”

Recommended

House price rises &#39easing&#39 says RICS

The latest study by the Royal Institution of Chartered Surveyors (RICS) found that the rate of increase in house prices eased in the three months to July. RICS says the difference between those surveyors reporting price rises to those seeing price falls fell to 53% last month, from 63% in June. But it is sticking […]

The Virgin One launches first &#39Mortgage Outlook Index&#39

The Virgin One account has today launched the first &#39Mortgage Outlook Index&#39 (MOI), a quarterly index that will monitor the mood of mortgage intermediaries up and down thecountry. The research was carried out by NOP in August and covers the period April to July 2002. The first index has shown mortgage intermediaries to be robust […]

Investors rush to buy off-plan

Buying properties before they are built is the first choice for investors looking for property to rent, claims the latest survey commissioned by The Property Investor Show. More than one thousand people have already registered to attend the show, which is at ExCeL in London on September 20- 22. With four weeks still to go, […]

My mortgage week – Paul Duckworth

Monday: Got to work early (around 7.00am) to prepare for today&#39s group board meeting. Managed to read up on the Sandler report and took on board the comments and views from the trade press (inc. Mortgage Strategy, of course). Spent most of the meeting discussing a pilot with a top lender for our new product, […]

Top seaside property hotspots revealed

Like to let beside the seaside? The latest research from LendInvest looks specifically at coastal towns to find which areas offer the top average rental yields to landlords. Where are the top seaside postcodes for landlords? The interactive map below looks at the highest rental yields along the UK coast. According to the data, Hull, […]

Newsletter

News and expert analysis straight to your inbox

Sign up