Financial results

Coventry Building Society delivers a strong performance, growing its mortgage market share, whilst maintaining excellent service to customers and investing for the future.

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

We 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 long-term interest of our members and ensuring that we are set up for long-term success.  

Strong growth in savings and mortgages

  • Mortgage balances grew by £3.1bn (7.2%) to £46.6bn, significantly above the level of market growth¹ and doubling the number of first time buyers to 7,100.
  • Savings balances grew by £1.7bn (4.6%) to £39.9bn with the average savings rate of 0.83%, 0.56% higher than the market average², and the equivalent of an additional £201m interest for savers. 

Sustainable profitability and resilient capital and liquidity position

  • Profit before tax of £233m (2020: £124m). Profitability recovered from 2020 levels driven by balance sheet growth, improved margin and supported by the release of £29m of pandemic related provisions held to cover potential future credit losses.
  • Net Interest Margin of 0.90% (2020: 0.81%). 1.03% excluding an adjustment of £69m relating to updated assumptions for future SVR income. 
  • Common Equity Tier 1 (CET 1) ratio remains well above statutory requirements at 36.2% whilst the Society’s Leverage Ratio on a UK modified basis increased to 4.8%. The Liquidity Coverage Ratio of 187% is also considerably above the regulatory minimum requirement. 

Excellent service while investing to meet the changing needs of members and stakeholders

  • Excellent customer service with Experience Net Promoter Score³ of +76 and average call waiting times of 49 seconds during a period of exceptional demand. The Society continues to report one of the lowest complaint overturn rates by the Financial Ombudsman Service at below 5%.
  • Leading cost efficiency with a cost to mean asset ratio of 0.50%⁴ amongst the  lowest of any UK building society and a cost to income ratio of 56%⁵, whilst investing £96 million in 2021 in technology infrastructure, digital services and transforming our branch network.
  • Strong community investment of £1.6m⁶ tackling three priority issues around homelessness, helping young people acquire the financial skills and knowledge on which to base good careers, and social isolation.
  • Responding to climate change. The Society signed up to the UN Global Compact, transitioned to 100% renewable sources of energy, and achieved net zero for its Scope 2 emissions and carbon neutrality for Scope 1. 


1. Source: Bank of England.
2. Based on the Society’s average month end savings rate compared to the CACI market average rate for savings accounts, excluding current accounts and offset savings, for the first 11 months of the year. This measure and comparative have been updated in the year to use CACI source data for the market rate; previous source Bank of England.
3. Net Promoter Score (NPS) is a measure of customer advocacy that ranges between -100 and +100 which represents how likely a customer is to recommend our products and services.
4. Administrative expenses, depreciation and amortisation/Average total assets.
5. Administrative expenses, depreciation and amortisation/Total income.
6. Total community investment made by the Society including donations from the Society and fundraising activities. 


You can find out more information about these results by downloading our 2021 Year End Financial Results - news release (PDF 1MB).

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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