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Coventry BS and Nottingham BS reveal contrasting first half year lending figures

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  • 27/07/2018
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Coventry BS and Nottingham BS reveal contrasting first half year lending figures
Coventry Building Society and Nottingham Building Society have revealed contrasting performances in the first half of 2018, according to the lenders' latest figures.

 

Coventry Building Society

In the six months ended 30 June 2018, Coventry BS achieved gross lending of £4.6bn, up from £4.4bn during the same period last yer. However, net lending slipped slightly to £1.5bn.

The mutual said it expected its mortgage balance to have grown by more than three times the rate of the market for the 12 months to 30 June 2018.

Loans where arrears were greater than 2.5% of the balance fell further to 0.12% compared to the market average of 0.77%, it added.

Savings balances increased by £0.4bn in the first half of 2018 taking overall deposits to a record £31.4bn. The average weighted savings rate paid to members was 1.53%, 0.76% higher than the average paid in the market.

Mark Parsons, chief executive of Coventry Building Society, said: “These results show a strong start to the year, in which we continued to outperform the market in terms of growth in savings and mortgages, continued to pay considerably more to our savers than the market average and further improved our service to members.”

 

Nottingham Building Society

Nottingham Building Society saw gross new lending in the six months to 30 June dip to £465m from £544m in 2017. Its mortgage book grew by 3.7% to almost £4bn.

A spokesperson from Nottingham Building Society told Mortgage Solutions its gross mortgage lending in 2017 was £1.02bn.

Meanwhile branch savings balances increased by 7.4% in the period.

However pre-tax profits for the group slipped to £6m compared with £7.6m in the same period last year.

David Marlow, chief executive of The Nottingham, said: “Cementing our relevance and appeal to members both now and in the future, has been a key focus throughout the first half.

“In the face of increasingly rapid societal change we are investing heavily to develop our digital capabilities and longer term aspiration to deliver a true omni-channel experience where our members have the control and convenience of choosing how and when they interact with us.”

The Nottingham will launch a cash Lifetime ISA later this summer despite calls from MPs yesterday for it to be scrapped.

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