again our results quite clearly demonstrate the benefits which our
building society status bring to our savers and borrowers.
the last five years we have returned over £120 million to our
members, in the form of better savings rates and lower mortgage
2000, we have deliberately narrowed our interest margin still
further, from 1.24 per cent to 1.17 per cent of average assets, so
that we can offer even more competitive interest rates to our
has enabled us to grow our business substantially, with assets
having increased by an impressive 13.2 per cent to £6.4 billion.
the deliberate narrowing of interest margin, the society's profit
was up by 16.8 per cent to £40.7 million, enabling us to maintain
strong capital ratios.
significant element of our record gross mortgage lending of £1.2
billion, has been through remortgage business, with more and more
people seeking the advantages which membership of Coventry Building
all of our distribution channels have played their part in this
success, the launch of our new internet site, www.remortgages.co.uk,
has been particularly influential and we look forward to developing
new technology even further as we continue to grow.
strategy is working. The society's efficiency has improved for the
fifth successive year, our assets have grown substantially and we
continue to deliver more benefits to members. We look forward to
building upon this success in 2001 and beyond."