Key highlights for the half year include:
• Record gross mortgage lending of £1,235 million – 26% up on the first half of 2002
• Record net lending of £573 million – well above ‘natural’ market share
• Over 14% annual asset growth
• Interest margin narrowed to 1.00% of average assets for benefit of members
• Improved management expenses to average assets – down to 0.64%
• Pre-tax profit up 4.9% to £21.4 million
Martin Ritchley, chief executive of Coventry Building Society said: “Gross mortgage advances, at £1,235 million, is a new record for the society – 26 per cent up on the same period last year. Net lending (gross advances less capital repayments) of £573 million, also a record, is well ahead of our ‘natural’ market share. This performance demonstrates the success of our multi-channel approach to distribution, which has enabled us to grow our mortgage book by over 12% in the year to June 2003.”
