Coventry Building Society has reported strong first half year results, as mortgage balances grew by £1.1bn to £51.4bn.
According to the society, the growth in mortgage balances was due to a robust pipeline and improved retention.
The society also grew its savings balances by £1.2bn to £48.8bn.
It recorded a profit before tax of £159m, a decrease on the £269m recorded this time last year.
Its net interest margin reduced to 1.05% as base rates stabilised, retail savings competition increased and mortgage customers repriced to lower margin products.
The society also reported continued low arrears with only 0.31% of mortgages more than three months in arrears.
It recorded a Net Promoter Score (NPS) of +79, an improvement on the +76 recorded last year.
The society also invested £43m in H1 2024 and saw considerable progress on the digitalisation of its savings propositions, launching a new app and self-service options for members with maturing accounts.
In May Coventry also signed a share purchase agreement for the acquisition of The Co-operative Bank which is expected to complete in Q1 20253.
This will increase both the group’s mortgage and savings presence and extend the society’s propositions into the personal current account and business banking markets.
Steve Hughes, chief executive Coventry Building Society, said: “I am delighted to report that the Society has continued its sustained record of delivery in the first six months of the year.
“We have grown mortgages and savings in a market where economic uncertainty persists and continued to offer great value products and exceptional service to our members.
“The society has recorded a strong financial performance in the first half of 2024 and further enhanced our capital position.
“We are making good progress to complete the acquisition of The Co-operative Bank in the first quarter of 2025.”
