Coventry BS’s savings balances hit new high of £20.9bn

Savings balances grew by £821m year on year to a new high of £20.9bn in the first six months of this year, fuelled by the mutual’s commitment to offering higher-than-average rates.

Coventry also now accounts for nearly half, 47 per cent, of all net mortgage lending in the UK, hitting £1.2bn as of the end of June.

Mr Stewart said: “As a mutual building society, we run the society in the interests of its members. While this requires us to remain strongly profitable, the need to protect savers in a difficult market has been a particular priority, alongside providing a consistent and responsible level of mortgage finance to homeowners.”

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Pre-tax profits also increased by 18 per cent to £62.2m due to “improved income, low costs and low impairment charges”, according to its half-yearly results.

Adviser view
Keith Jarman, director of Hampshire-based Hughes Carne IFA, said: “I am surprised at the size of these numbers, but Coventry is becoming a big player. It is doing a lot of business through the intermediary market, operating from an efficient head office. It doesn’t have the overheads of a big branch. It is a lean, fit machine by comparison.”