Financial results

A strong first half performance for the Society, where we continued to grow savings and mortgages in a disciplined way, whilst delivering outstanding value and service to our members. We further enhanced our capital base which is providing the foundation for investment and future growth.

Commenting on these results, Steve Hughes, Chief Executive Coventry Building Society, said:

 

“I am delighted to report that the Society has continued its sustained record of delivery in the first six months of the year. We have grown mortgages and savings in a market where economic uncertainty persists and continued to offer great value products and exceptional service to our members. The Society has recorded a strong financial performance in the first half of 2024 and further enhanced our capital position. We are making good progress to complete the acquisition of The Co-operative Bank in the first quarter of 2025.”

 

Growing mortgages and savings

 

  • Mortgage balances grew by £1.1bn (2.2%) to £51.4bn. The growth in mortgage balances is due to a robust mortgage pipeline, improved retention and has been supported by a conscious and disciplined approach to lending that reflects current market conditions and the needs of our members.
  • Savings balances grew by £1.2bn (2.6%) to £48.8bn. We have grown savings by offering competitive products, underpinned by exceptional service and we continue to pay higher savings rates than the market average, increasing the premium paid to members from £163m to £195m1, which equates to an additional 0.87% in interest (H1 2023: 0.79%).

Strong financial performance

 

  • Profit before tax of £159m (H1 2023: £269m). Whilst a decrease on prior year, this is in line with expectations following an exceptional operating environment in 2023. Net interest margin reduced to 1.05% (H1 2023: 1.34%) as base rates stabilised, retail savings competition increased and mortgage customers repriced to lower margin products.
  • Continued low arrears with only 0.31% of mortgages more than 3 months in arrears (FY 2023: 0.26%). The credit quality of our book remains resilient and our arrears are a third of the industry average2.
  • A highly successful and oversubscribed issuance of £665 million Additional Tier 1 capital was completed in June which further strengthens the balance sheet ahead of the planned Co-operative Bank acquisition.
  • The Society’s leverage ratio increased to 5.6% (FY 2023: 5.4%) with the continued strong profitability enhancing our capital position. The Common Equity Tier 1 (CET 1) ratio is broadly stable at 28.9% (FY 2023: 29.1%) and remains significantly above statutory requirements.

 

Delivering on our service promise whilst continuing to invest for the future

 

  • Industry leading customer service with Net Promoter Score improving to +79 (FY 2023: +76) and the continued investment in our people and technology helping to reduce average call answering time from 105 to 62 seconds. Recognised by Fairer Finance for outstanding mortgage and savings customer experience receiving gold ribbons in both categories.
  • Invested £43m in H1 2024 with considerable progress on the digitalisation of our savings propositions, most notably our successful app launch and self-service options for members with maturing accounts. We continue to transform our technology infrastructure and operational and financial resilience.
  • In May we signed a share purchase agreement for the acquisition of The Co-operative Bank which is expected to complete in Q1 20253. This will increase both the Group’s mortgage and savings presence and extend the Society’s propositions into the personal current account and business banking markets.

 

Supporting colleagues and the communities we serve

 

  • Continued to support our communities with over £1.5m of investment in the first half of 2024 (H1 2023: £1.3m), helping to support local partners and building on our relationship with Centrepoint.
  • Improved our ranking in the Great Place to Work table of super large organisations from 13 to 11, as well as being recognised as one of the best places to work for women and for wellbeing.

Results archive

2023 results

2023 Annual Report & Accounts (PDF 2MB)

2023 Year End Financial Results - News Release (PDF 607KB)

2023 Interim Financial Report (PDF 3.2MB)

2023 Interim Financial Results - News Release (PDF 578.9KB)

 

2022 results

2022 Annual Report & Accounts (PDF 3MB)

2022 Year End Financial Results - News Release (PDF 110KB)

2022 Interim Financial Report (PDF 3MB)

2022 Interim Financial Results - News Release (PDF 225KB)

2022 Pillar 3 Disclosures (PDF 1.4MB)

 

2021 results

2021 Annual Report & Accounts (PDF 2.8MB)

2021 Year End Financial Results - News Release (PDF 2.7MB)

2021 Interim Financial Report (PDF 2.7MB)

2021 Interim Financial Results - News Release (PDF 2.7MB)

 

2020 results

2020 Annual Report & Accounts (PDF 3MB)

2020 Pillar 3 Disclosures (PDF 1MB)

Our 2020 Annual Review (PDF 3MB)

2020 Year End Financial Results - News Release (PDF 130KB)

2020 Interim Financial Results - News Release (PDF 53.3KB)

2020 Interim Financial Report (PDF 1.6MB)

 

2019 results

2019 Annual Report & Accounts (PDF 6.56MB)

2019 Pillar 3 Disclosures (PDF 1.71MB)

2019 Summary Financial Statement - (PDF 1.79MB)

2019 Year End Financial Results - News Release (PDF 316KB)

Capital Update 11 December 2019 (PDF 5MB)

2019 Interim Financial Report (PDF 5.9MB)

 

2018 results

2018 Annual Report & Accounts (PDF 4200KB)

2018 Pillar 3 Disclosures (PDF 5.3MB)

2018 Summary Financial Statement (PDF 4.28MB)

2018 Year End Financial Results-News Release (PDF 291KB)

2018 Interim Financial Report (PDF 1.28KB)

 

2017 results

2017 Annual Report & Accounts (PDF 3.4MB)

2017 Pillar 3 Disclosures (PDF 3.4MB)

2017 Summary Financial Statement (PDF 784KB)

2017 Year End Financial Results - News Release (PDF 601KB)

2017 Interim Financial Report (PDF 1.2MB)

 

2016 results

2016 Annual Report & Accounts (PDF 3,194KB)

2016 Pillar 3 Disclosures (PDF 3,772KB)

2016 Year End Financial Results - News Release (PDF 112KB)

2016 Summary Financial Statement (PDF 784KB)

2016 Interim Financial Report (PDF 6MB)

 

2015 results 

2015 Annual Report & Accounts (PDF 3.2MB)

2015 Pillar 3 Disclosures (PDF 8.1MB)

2015 Year End Financial Results - News Release (PDF 235KB)

2015 Summary Financial Statement (PDF 2.9MB)

2015 Interim Financial Report (PDF 2.8MB)

 

2014 results

2014 Annual Report & Accounts (PDF 1.7MB)

2014 Pillar 3 Disclosures (PDF 1.6MB)

2014 Year End Financial Results - News Release (PDF 196KB)

2014 Summary Financial Statement (PDF 308KB)

2014 Interim Financial Report (PDF 624KB)

 

2013 results

2013 Annual Report & Accounts (PDF 3.2MB)

2013 Pillar 3 Disclosures (PDF 998KB)

2013 Year End Financial Results - News Release (PDF 77KB)

2013 Summary Financial Statement (PDF 530KB)

2013 Interim Financial Report (PDF 532KB)

2013 Interim Financial Results - News Release (PDF 132KB)

 

2012 results

2012 Annual Report & Accounts (PDF 783KB)

2012 Pillar 3 Disclosures (PDF 946 KB)

2012 Year End Financial Results - News Release (PDF 181KB)

2012 Summary Financial Statement (PDF 345 KB)

2012 Interim Financial Report (PDF 107KB)

2012 Interim Financial Results - News Release (PDF 98KB)

 

2011 results

2011 Annual Report & Accounts (PDF 601KB)

2011 Pillar 3 Disclosures (PDF 207KB)

2011 Year End Financial Results - News Release (PDF 88KB)

2011 Summary Financial Statement (PDF 426KB)

2011 Interim Financial Report (PDF 315KB)

2011 Interim Financial Results - News Release (PDF 54KB)

The maintenance and integrity of the Coventry Building Society website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

 

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.