Financial results

Robust performance for Coventry Building Society allows it to continue long-term support for members, colleagues, brokers and communities

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


“This is a robust performance in a challenging environment. We continue to balance the needs of savers and borrowers by offering long term value, strengthening our capital base and investing in the Society’s future. This investment is delivering improved resilience, better member and broker services and ensuring that we remain relevant for the future as we digitise the business whilst keeping our human touch. We’re doing more to support colleagues and those who need it most in the communities where we live and work. It’s during tough times that organisations like ours remain true to their purpose and we’re able to do this because of the strength of our business model that focuses on the long-term.”


A robust financial performance


  • Profit before tax of £158m (H1 2021: £124m). Increase in profits underpinned by the rising interest rate environment which provides a platform for growth and investment ensuring our capital position remains strong and resilient in these uncertain times.
  • Net Interest Margin of 1.11% (H1 2021: 0.88%). The improvement in margin has helped the Society take a balanced view, supporting savers and protecting mortgage customers in a rising interest rate environment. 
  • Common Equity Tier 1 (CET 1) ratio remains well above statutory requirements at 29.9% despite changes to regulatory risk weighted asset requirements (FY 2021: 36.2¹%). The Society’s Leverage Ratio increased to 5.0% (FY 2021: 4.8%), with the Liquidity Coverage Ratio increasing to 206% (FY 2021: 187%).


A balanced trading performance


  • Gross mortgage lending of £3.8bn enabled overall balances to be maintained. The Society has taken a deliberately cautious approach to lending to ensure it remains safe and secure for members in an uncertain economic environment and very competitive market.
  • Savings balances grew by £0.4bn to £40.3bn supporting savings members with an average savings rate of 0.85²% (H1 2021: 0.86²%), that is 0.54²% (H1 2021: 0.56²) higher than the market average, whilst launching a new range of loyalty savings bonds benefitting tens of thousands of loyal members.


Delivering consistently excellent service while investing to meet the changing needs of members and stakeholders


  • Outstanding customer service increasing the Experience Net Promoter Score³ from +73 (H1 2021) to +77 (H1 2022).
  • Invested £47m in H1 2022 in technology infrastructure, digital transformation and the branch network, whilst maintaining a cost to mean asset ratio⁴ of 0.50% amongst the lowest of any UK building society. The cost/income ratio⁵ improved to 46% reflecting the increase in margin performance.


More community support, a member-approved climate plan and a Great Place to Work


  • £0.7m direct funding to address issues of homelessness, social isolation and equipping young people with financial and career skills. Colleagues volunteered more than 3,000 hours to support local community initiatives, including working with primary and secondary school students on numeracy, literacy and skills programmes.
  • Responding to climate change Members approved the Society’s Climate Action Plan at the 2022 AGM, including the ambition to achieve net zero by 2040.
  • Ranked Top Twenty overall in first Great Place to Work league table of super-large organisations, as well as one of the best places to work for Women in large UK companies.


1. From the 1 January 2022 the Society applied a new calculation methodology in order to comply with new regulatory changes. A comparative ratio for 31 December 2021 under this new methodology would have been 26.6%.
2. 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 2022. Comparative numbers have been updated to reflect a consistent basis with those used at 31 December 2021, previously disclosed number was 0.53% higher than the average market rate.
3. 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.


You can find out more information about these results by downloading our 2022 Interim Financial Report (PDF 3MB).

Results archive

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.


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