Financial results

Coventry Building Society delivers a strong performance, achieving above market growth in mortgages whilst maintaining excellent service to members and investing for the future.

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


"The first half of 2021 has been dominated by the ongoing effects of the pandemic with the continued impact on health, people’s lives and livelihoods. As we move into the second half of the year there is cause for cautious optimism as we transition to a new norm but it is important we recognise the efforts of so many in what has been such a challenging time.


During these six months we have delivered a strong financial performance and made good progress against our strategic goals. This performance reflects an exceptional commitment to members and customers by my colleagues across the Society and I am so proud of what they have delivered. We continue to focus on running the Society in the interest of our members and ensuring that we are set up for long term success. 


We are clear on our purpose and have refreshed our strategy which remains grounded in mutuality with a place for all our stakeholders, whether members, colleagues, the local communities we support or our business partners. Our brand identity has also been updated to reflect our purpose and belief that we are truly ‘All together, better’."



Financial results for the six months ended 30 June 2021 include:  

  • Mortgages: Mortgage balances have increased by £2.4bn to £45.9bn. We expanded our product offering during the year and helped 3,800 customers buy their first home.
  • Savings: Savings balances increased by £0.9bn to £39.1bn.
  • Member value: The average weighted savings rate paid to members was 0.53% higher than the average paid in the market and equivalent to an additional £100m in interest to savers¹. 
  • Service: The Society delivered outstanding service with a Net Promoter Score of +73² and average call waiting times of 51 seconds³.
  • Supporting our colleagues: The Society has a 3 star rating for ‘World Class’ colleague engagement⁴ and was recognised for being 8th in the Best Big Companies to Work For list⁵.
  • Supporting our communities: We have donated £600k to good causes in the period, through our Poppy savings products in support of the Royal British Legion and the release of dormant savings funds.
  • Profit: Profit before tax was £124m, £102m higher than the same period last year. Net interest income increased to £228m from £178m and Net interest margin improved to 0.88% from 0.72% for the same period last year.
  • Capital and liquidity strength: Common Equity Tier 1 (CET 1) ratio remains well above statutory requirements at 35.2% whilst the Society’s Leverage Ratio on a UK basis was broadly maintained at 4.7%. The Liquidity Coverage Ratio of 174% is also considerably above the regulatory minimum requirement.
  • Leading cost efficiency: At 0.48%⁶ the Society continues to report amongst the lowest cost to mean assets ratio of any UK building society⁷, whilst continuing to invest significantly in its technology infrastructure and digital capability.


1. Based on the Society’s average month end savings rate compared to the CACI market average rate for savings accounts and excluding current accounts, for the latest available data for the five months ended 31 May 2021. This measure has been updated in the period to use CACI data for the market rate, previous source Bank of England adjusted average rates. If H1 2020 had been calculated on an equivalent basis, Member Value would have been reported as £105 million. 

2. A measure of customer advocacy that ranges between -100 and +100 which represents how likely a customer is to recommend our products and services.

3. Based on average call waiting times between 1 January 2021 and 30 June 2021.

4. Source: Best Companies – 3 Star accreditation is awarded to organisations that receive an index score of 738 or higher reflecting ‘world class’ levels of workforce engagement.

5. Source: Best Companies '25 Best Big Companies to Work For' listing 2021.

6. Administrative expenses, depreciation and amortisation/Average total assets.

7. As at 28 July 2021 based on available market data.



You can find out more information about these results by downloading our 2021 Interim Financial Results - news release (PDF 2.7MB).

Results archive

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.


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