AUG 00] COVENTRY
BUILDING SOCIETY NEWS
Coventry Profits From New Members
Building Society has today announced pre-tax profits of £18.5 million
for the first six months of the year.
the firm claims it is ahead of its natural market position, receiving
£153 million in savings from its investors.
than 100,000 savings accounts have been opened since the start of the
year, widening the membership base.
mortgage advances totalled £487 million and net lending totalled £216
million, again well ahead of the Society's "natural" market
total assets increased to £5.97 billion, representing half-year
growth of 5.12 per cent and 11.73 per cent for the full year to 30
upon these results, chief executive Martin Ritchley said the results
reflected the society's success in attracting and retaining both
mortgage and savings business.
said the society is already one of the most cost-efficient in the
country, but the management expenses to assets ratio has been reduced
still further to 0.72 per cent of average assets.
a committed building society, the Coventry has consistently operated
on one of the narrowest interest margins of any financial
institution in the United Kingdom, enabling highly competitive
interest rates to be offered to savers and borrowers.
the first half of 2000, the interest margin has been narrowed still
further to 1.13 per cent of average assets.
the pre tax profit amounted to almost £18.5 million - nearly £1
million up on the comparable period of 1999, enabling the society to
maintain its strong capital ratios.
results continue to demonstrate the important advantages we enjoy as
a building society. With
no dividends to pay to outside shareholders, we have been able to
reduce our interest margin still further for the benefit of our
savers and borrowers.
has enabled us to achieve impressive growth and continue to capture
market share from our competitors.
competitiveness has achieved growing independent recognition. For
the fifth successive occasion, Moneyfacts has recently rated the
Coventry as top of the league table for charging established
borrowers the lowest amount of interest of any major lender measured
over the past three years.
results demonstrate that we have a proven formula for success. We
aim to grow our business still further, so that we can deliver the
benefits of building society membership to more and more people in