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.”