Mortgage News
Coventry posts profit of £36.2m
Coventry Building has posted a profit before tax of £36.2m in its interim results for the six months ended 30 June 2009.
Operating profit was £40.1m compared to £38.3m in the first half of 2008. Profit after tax was £31.1m compared to £25.1m.
The society’s gross mortgage advances were £1.3bn and net mortgage lending measured £338m, representing 12.7% of net lending undertaken across the market as a whole.
At 30 June 2009, only 1.06% of mortgages were more than three months in arrears and gross advances totalled £1.3bn compared to £1.9bn in 2008.
The average loan to value (LTV) ratio on new advances made in 2009 was 53%.
David Stewart, chief executive of Coventry Building Society, said the results demonstrated that Coventry remained one of the UK’s strongest building societies.
£2.5m paid to help broker clients benefit from greener homes
Sponsored by Halifax Intermediaries
He added: “This performance was made possible by the strength of our funding position and by the very high quality of mortgage lending undertaken in previous years. Our consistently robust underwriting procedures mean that arrears levels remain low and as a result profitability has not been undermined by spiralling credit losses in the way that we have seen at some other institutions.”