Coventry Building Society reports robust half-year performance

Published by

Peter Davison

Coventry Building Society

Mortgage lender Coventry Building Society has posted strong half-year results for 2023, highlighting above-market growth in its savings and mortgage sectors.

The mutual report on Friday (July 28) that Mortgage balances grew by £0.8 billion (1.7 per cent) to £48.8 billion, while savings balances grew by £3.2 billion (7.5 per cent) to £45.5 billion.

The society reported profit before tax of £269 million, against £158 million for the same period last year.

CEO Steve Hughes said: "Changes to the interest rate environment have created volatility in markets and a fast-moving situation for savers and borrowers alike.

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"In this context we have delivered a strong but importantly a balanced performance by concentrating on great value products and outstanding service, and ensuring we have the right foundations in place to support our future success.

"We have proactively supported borrowers, delivered greater benefit to savers and enhanced our financial resilience.

"Our growth has been ahead of the market, creating jobs and delivering on our sustainability goals. These are important proof points of the mutual model."

Peter Davison

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country. An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts. Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.