Highlights
Gross lending £1,132million (2003 - £1,235million)
Net savings receipts £112million (2003 - £29million)
Net interest rate margin 0.96% (2003 – 1.00%)
Other income increased to £10million (2003 £9.2million)
Management expenses ratio reduced to 62p per £100 assets (2003 – 64p)
Profit before tax up to £23.1million (2003 - £21.4million)
Year on Year
Mortgage balances increased by 7%
Retail savings balances grew by 5.2%
Net interest receivable up by 4.4%
Other income increased by 8.7%
Profit before tax advanced by 7.9%
Commenting on the results, Martin Ritchley, Chief Executive said: “The first half of 2004 represents another very successful period for Coventry Building Society. Whilst there is anecdotal evidence of a slow down in the housing market, our gross lending totalled over £1.1billion, only slightly down on the record achieved in the comparable period last year. On the other side of our business, savings receipts totalled £112million – up £83million on the first half of 2003. These results have enabled us to achieve annual growth in commercial assets of over 7% and total assets of more than £9billion at the half year end. I believe our performance will provide a strong platform for the remainder of 2004 and beyond.”
