Coventry Building Society has reported a profit before tax of GBP35.5 million in the first half of 2008, representing a growth of 8% compared to profit before tax of GBP32.9 million for the first half of 2007.
Retail savings balances increased by GBP905 million or 9% during the first six months of the year as against retail savings balances posted during the same period in 2007. Mortgages and other loans for the period grew by GBP862 million or 7% as against the same period in the previous year.
Coventry’s total assets as of June 30, 2008 reached GBP16.3 billion, an increase of 9% over December 31, 2007.
Gross mortgage advances totaled GBP1.9 billion, an increase of 1% over the 2007 first half year. Net mortgage lending increased by 24% to GBP851 million, representing three times the society’s normal market share.